In the meeting held by Ethereum developers in the past days, a date signal was given for Merge, although it was not certain. Not long after this date was announced, changes began to be felt in gas prices.
Ethereum’s seven-day average gas fee has fallen to its lowest level this year, according to data released by blockchain data platform Dune Analytics.
During last year’s bull market, the Ethereum network was constantly floundering with very high fees, averaging $40. This event led to the rise of alternative platforms like Solana, and it had become unaffordable. Although ETH, one of the most active cryptocurrencies, experienced a significant rise last week, ETH gas fees have not seen the high levels they used to be.
Will Ethereum Merge Reduce Gas Fees?
The Ethereum Blockchain network has become quite inefficient as it is one of the most active. However, even though it will consume much less energy with the transition to Ethereum 2.0, it is highly likely that there will not be a full decrease in gas fees.
Earlier this month, DeFi chief Vivek Raman explained that the aforementioned fees will not have much of a function of the consensus mechanism. Therefore, users will have to use layer-2 solutions to spend less money on their transactions.
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