Ethereum is known for its high gas fees. These high gas fees are a result of the increase in the adoption of its smart contract functionalities. Also, non-fungible tokens (NFT) based on Ethereum’s blockchain surged in popularity throughout 2021 and the beginning of 2022, which also led to a surge in gas fees. However, as more projects are built on other smart contracts blockchains, waning interest in NFTs, and increasing hash rate, Ethereum gas fees have now dropped to the lowest since July 2021. Gas Fee At Lowest In 10 Months Calculated in gwei, Gas fees refer to the amount required to complete a transaction on the Ethereum network. Gas prices fluctuate constantly based on user demand and the supply of computational power from the network’s miners. However, records indicate that Ethereum’s gas fees have been steadily declining since the beginning of the year. It was reported earlier this month that ETH gas fees dropped to the lowest level in 7 months, reaching as low as $8. Clearly, the downward trend has persisted, as gas prices have recently dropped to their lowest point since July of last year. This was the month in which the NFT hype was at its highest point. It is expected that gas prices will continue to drop as consumer interest in NFTs continues to dwindle. According to a new report by Santiment, a website that focuses on providing on-chain data and metrics, the current cost of gas fee for traders is around $2.54 per ...
