The Gasoline Charges on Ethereum Community have reached its lowest level so far. Earlier this year, where a normal transaction had to be paid up to $ 11, now this fee has come down to only $ 0.01. This change is reflecting the current technical status of Etreum Community and changing trends in blockchain space.
What is the reason for Gasoline Charges being so low?
According to ETHERSCAN, a common Ethereum The average gas price for transactions is now only 0.31 GWEI, the lowest in the last several years. Gwei is the smallest unit of Eth. Since the value of Eth is also falling continuously, due to this, the total cost of transactions is only $ 0.01. The main reason behind this is the decreasing activity and traffic on the Etreum Community. Which is increasing the concern of investors.
Low fees related to decreasing network activity
The decline in gas fees of Ethereum is directly related to the declining activity on the network. Currently most new tokens are launching on cheap and fast blockchain platforms such as Solana. The liquidity of Ethereum which was previously centralized has now been distributed in the multi-chain environment. This has reduced the load on the Ethereum Community and has come to the record low level.
Is Ethereum Backward?
Ethereum has played the role of a leader in smart contract technology, but new networks such as Solana, avalanche, arbitrum are getting more scalable and affordable options. Ethereum is currently working on its technology improvement, but the complex of the network is slowing the implementation of the architecture in reforms. This challenge Ethereum will have to solve soon to stay forward in future. Ethereum Community to scalable on 7 May Ethereum Pectra Improve Establishing doing.
NFT and token transaction fees also decreased
Since the gas fees decreased, the price of the General Token Swap has come to an $ 0.19 and the price of NFT selling to about $ 0.33. This fall is a major relief for users associated with Defi and NFT.
Conclusion
This decline in transaction fees on Ethereum Community may be a major relief for users, but it is also a signal that activities on the network are decreasing. Ethereum needs to revise its technology and cost-banifies immediately, otherwise it may lose its position between rapidly growing competition networks. Understanding this, Ethereum co-founder Vitalik Buterin released Ethereum Roadmap Was.
