Ethereum Gas Fees Sink to Lowest Levels Since July 2021

The average Ethereum network fees have dropped to the lowest value recorded in over ten months, after hitting a low of $2.96 per transaction on Sunday afternoon (ET). The last time Ethereum transfer fees dropped below the $3 mark was last year on July 11, 2021. According to a report from Santiment, Ethereum’s low gas fees suggests that interest in using the blockchain platform has significantly declined. In fact, gas fees are cheapest they have been in over ten months and around 12 p.m. (ET) on Sunday, after sliding to a low of $2.96 per transaction. As of today, the average ether fees have jumped a bit higher to 0.0023 ether or $4.4 per transfer. The last time average ETH fees dropped below $3 was ten months ago on July 11, 2021. In fact, during a few weeks in July 2021, average gas costs using Ethereum’s layer one (L1) network were between just under $3.00 to just above $8.00 per transfer. In addition to average ethereum fees dropping to fresh lows, median-sized gas costs have dropped a great deal this week as well. For example, on March 8, 2022, the median-sized ether fee was 0.0014 ETH or $3.73 per transfer, and today it’s 0.0011 ether or $2. As of Sunday, the cost to move an ERC20 token like USDT or USDC, is about $4.37 per transfer. In terms of aggregate 24-hour ETH mining rewards, Ethereum miners pulled in approximately $50,241,489 on Sunday, May 29. That’s around 94.7% of the fees bitcoin (BTC) miners acquired on Sunda...