The Ethereum ecosystem’s biggest roadblock to mainstream dominance is often attributed to the extremely high transaction fees associated with the network.
Ethereum has been struggling with high gas fees for some time now. This has led to a lot of speculation about the future of the platform. This drop in fees is a result of the recent upgrade to the Ethereum network, which has led to a more efficient use of resources. This is good news for Ethereum users, as it means that the platform is becoming more affordable to use.
The average transaction fee on the Ethereum blockchain has been on the decline. However, this week the average transaction fee fell down to 0.0015 ETH or $1.57 — a number previously seen in early 2020.
In January 2021, Ethereum’s gas fees surged owing to the hype around nonfungible tokens (NFT), decentralized finance, and other Ethereum-based applications.
It is no secret that the Ethereum network has struggled in the past with high gas fees. This has been a major issue for users and developers alike, as it makes it very expensive to use the network. However, it seems that things may finally be starting to improve.
The NFT ecosystem recorded its worst performance of the year in June as the total number of daily sales fell. This is according to a report from NonFungible.com, which tracks NFT market data.
Ethereum co-founder Vitalik Buterin proposed a short-term solution to further cut rollup costs by introducing a calldata limit per block.