According to data from Santiment, the Ethereum gas fee has fallen to its lowest level since last summer.
Ethereum gas fee is expressed in “gwei”. Users have to pay to make a transaction on the Ethereum blockchain.
When the blockchain becomes too congested, the gas fee also rises significantly.
Eth value dropped sharply earlier this month, but due to Terra’s collapse, gas fee fees have skyrocketed. With the collapse of the UST, users started trading with stablecoins such as USDT and USDC. This caused the Eth gas fee to increase.
Ethereum’s high transaction fees continue to draw criticism. Problems in scaling paved the way for the emergence of competitors such as Avalanche and Solana.
It is stated that Ethereum 2.0 may be released in August. With this update, gas fees are expected to be eliminated and energy consumption to be significantly reduced.
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