Ethereum Network Transaction Fees Fall By Over Seventy Five Percent

Ethereum gas fees seem to be going down as activity levels drop from the July highs. The cost of doing a transaction on Ethereum network plunged today as blockage seems to be finally opening.

As per EthGasStation, the average gas fee on Wednesday is between thirty and forty Gwei, with a noteworthy six Gwei as the lowest to get a transaction confirmed in under thirty minutes.

The development comes after a period of over 2 months of increased fees. During the period, the fees even crossed one hundred and forty Gwei, a number of times. Considering a typical ETH transaction as an illustration, the average fees of sending it decreased from about one USD to less than twenty-five cents. The enhancement is even more perceptible for DeFi users, where some exchanges would frequently expend up to fifteen USD in fees.

As per Etherscan data, the development seems to be part of a trend that commenced quite a few days ago with the steady reduction in transaction number.