Despite Proof-Of-Stake Delay, Ethereum Gas Fees Drop By 67% in the Last Seven Weeks -Breaking
Most Ethereum users have struggled with gas fees. These are payments that users make to use the Ethereum network for transactions. Although they are essential for the operation of the network’s operations, many users find the high gas fees to be a problem.
A year ago, Ethereum proposed a network transition to proof-of-stake, which is less energy-hungry, and theoretically would lead to a reduction in the network’s gas prices.
Gas prices fall despite PoS transition delay
Ethereum disclosed that the PoS Transition will not take place until June 2022, as the Kintsugi Testnet launched December 20. The PoS transition was delayed but gas fees are dropping on the network.
The Ethereum gas fee has dropped steadily over the last six months, reaching its lowest point in six years.
In the last seven weeks, the Ethereum network has seen a 67% drop in the average price of transaction fees – from $62 on November 9 to $20.61 on December 27.
In 2021, the average transaction fee on Ethereum Network was $21.
The December 27th metrics showed that the average transaction fee on Ethereum was $20.61, or 0.0051 Ether.
However, in that same time period the median ether fees has fallen by 70%. As of November 9, the median transaction ether fee, $34.28/transaction, was now $0.0032 ETH or 10.43.
In 2021, the median transaction fee on Ethereum Network was $21.
- Layer 2 solutions still provide cheaper – with Loopring offering as cheap as $0.16 per ether transfer and Polygon Hermez charging $0.25
What are the reasons to care?
It is evident that Ethereum’s drastic decrease in Ethereum gas prices on Ethereum shows that it can solve the problem when the network moves to PoS.
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