Ethereum transaction fees are remaining exceptionally low despite a surge in network activity, with daily transactions exceeding 1.6 million for the first time since the market downturn in October. Gas fees on Ethereum, the largest smart contract platform, have stabilized near historic lows, signaling advancements in the network’s scalability and maturity for real-world applications. Currently, transaction fees are at a mere 0.16 gwei, roughly $0.01 per transaction, with token swaps slightly higher at $0.15 and NFT sales averaging $0.27, according to blockchain data aggregator Milkroad. This contrasts sharply with prior periods where heavy demand drove up fees, a major criticism of Ethereum in the past.
The increase in daily transactions to 1.6 million marks a near one-month peak, with active addresses also rising to a monthly high of approximately 695,872, per data from crypto intelligence platform Nansen. These improvements follow significant upgrades like Dencun and Pectra, which have enhanced the network’s capacity and reduced transaction fees. The May-deployed Pectra upgrade doubled layer-2 network capacity, cutting L2 fees by about 50% and offloading traffic from the mainnet, while the March 2024 Dencun upgrade has reduced average mainnet fees by 95% over the past year. Together, these developments highlight Ethereum’s evolving infrastructure geared towards more cost-effective and scalable blockchain usage. For more details, visit https://cointelegraph.com/news/ethereum-fees-pennies-daily-transactions-1-6m