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Ethereum average gas fee falls down to $1.57, the lowest since 2020

Published 07/03/2022, 03:44 AM
Updated 07/03/2022, 05:20 AM
Ethereum average gas fee falls down to $1.57, the lowest since 2020

The Ethereum (ETH) ecosystem’s biggest roadblock to mainstream dominance is often attributed to the extremely high transaction fees or gas fees it requires to complete a transaction. However, with Ethereum’s average gas fees coming down to 0.0015 ETH, the narrative is set to change.

The average transaction fee on the Ethereum blockchain fell down to 0.0015 ETH or $1.57 — a number previously seen in December 2020. However, starting in January 2021, Ethereum’s gas fees surged owing to the hype around nonfungible tokens (NFT), decentralized finance (DeFi) and a promising bull market.

Ethereum average transaction fee YTD. Source: BitInfoCharts
Number of daily NFT sales between June 2021 - June 2022. Source: NonFungible

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