Ethereum fees hover near pennies as daily transactions top 1.6M
Analysis
Price Impact
MedThe sustained low transaction fees despite high network activity signal improved scalability and a more mature infrastructure, which is highly attractive for developers and users, potentially driving increased adoption and utility for ethereum.
Trustworthiness
HighThe information comes from cointelegraph, a reputable crypto news source, with data points backed by blockchain aggregators like milkroad and nansen.
Price Direction
BullishLow fees coupled with high daily transactions and active addresses suggest a healthy, growing network that is becoming more accessible and efficient. this fundamental strength can attract more users and dapps, increasing demand for eth in the long run.
Time Effect
LongThe impact of improved network scalability and lower transaction costs (due to dencun and pectra upgrades) are fundamental enhancements that will drive sustained growth and adoption of the ethereum ecosystem over an extended period.
Original Article:
Article Content:
Zoltan Vardai 4 minutes ago Ethereum fees hover near pennies as daily transactions top 1.6M Ethereum transaction fees remain at near all-time lows despite peak network activity that saw daily transactions top 1.6 million for the first time since October’s market crash. Listen 0:00 36 News COINTELEGRAPH IN YOUR SOCIAL FEED Despite growing blockchain activity on Ethereum, gas fees on the world’s largest smart contract network remain near historic lows, signaling a more mature and scalable infrastructure ready for advanced real-world use cases. Ethereum transaction fees remained at a historic low of just 0.16 gwei, or about $0.01 per transaction. Gas fees were slightly higher for token swaps at $0.15 and at $0.27 for non-fungible token (NFT) sales, according to blockchain data aggregator Milkroad . The low costs stand in sharp contrast to previous periods of high network activity, when demand often sent fees soaring, which was one of Ethereum’s biggest criticisms in past cycles. Ethereum gas fees, 1-month chart. Source: milkroad.com/ethereum Related: ‘No BlackRock, no party’ for Bitcoin, altcoin ETF investments: K33 Research Ethereum activity rises amid stable fees Daily transactions on the network rose to 1.6 million on Tuesday, marking a near one-month high, last seen at the beginning of October before the record $19 billion liquidation event. Ethereum total transactions, 1-year chart. Source: app.Nansen.ai Active addresses also rose to similar values, peaking at a monthly high of 695,872 on Saturday, according to crypto intelligence platform Nansen. Related: Saylor’s Strategy tipped for S&P 500 inclusion after Q3 earnings: 10X Research Ethereum’s historically low gas fees follow the Dencun and Pectra upgrades, both designed to lower transaction costs and expand throughput. Deployed in May, the Pectra upgrade has doubled the blob capacity of layer-2 (L2) networks, cutting the transaction fees on L2s by around 50%. This upgrade also served to offload more transactions from the mainnet to further cut costs. Ethereum’s previous major upgrade, Dencun, has also managed to cut L2 transaction fees and offload more transactions from the L1, making average Ethereum transaction fees cheaper by 95% a year after it was deployed on March 13, 2024, Cointelegraph reported. Magazine: Back to Ethereum — How Synthetix, Ronin and Celo saw the light # Blockchain # Cryptocurrencies # Altcoin # Business # Ethereum # Technology # Investments # Adoption # Fees # Tokens # DeFi # Ethereum 2.0 # Web3 # Ethereum Price # Transaction Fee # Web3 Decentralization Initiatives # Nansen Add reaction