The biggest roadblock of the ecosystem for Ethereum to mainstream dominance has often been attributed to the exorbitant high transaction fees that the ecosystem needs to complete a transaction. However, with the average gas fees of ETH coming down to a sum of 0.0015 ETH, this narrative will surely change. The average fee of transaction of this blockchain went down to 0.0015 ETH of $1.57- one number that was seen previously in 2020. However, since the January of 2021, the gas fees of the blockchain surged- owing to the hype that has been prevalent around NFT, the bull market, as well as decentralized finance.
Ethereum Gas Fees Went Down Quite A Lot
For close to two years, between January 2021 and May 2022, the average gas fee that was required by the network of Ethereum was around $40, with the 1st of May recording the highest amount- $196.638- as referred to from the data provided by BitInfoCharts. Supporting this surprising drop in the price of gas, Cointelegraph further uncovered on Saturday that the daily sales of NFTs in the ecosystem dropped to one-year lows. The ecosystem of NFT also recorded its worst-ever performance for the year in June. The month resulted in a drop of around $13.8 million.
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Back in November 2021, several investors kept reporting outrageous gas fees, which led the co-founder of Ethereum, Vitalik Buterin, to publish a decrease-cost-and-cap proposal to reduce far unprecedented levels of strain on the network of the blockchain. Buterin also went on to propose a short-term solution to further cut up the costs of rollup by introducing a call-data limit per block that would definitely lead to a decrease in the costs of gas. XCarnival, the liquidity provider, recovered around 1,467 ETHC just a single day after suffering an exploit that drained around 3,087 ETH.