{"id":636557,"date":"2024-08-20T05:00:23","date_gmt":"2024-08-20T05:00:23","guid":{"rendered":"https:\/\/wncen.com\/?p=636557"},"modified":"2024-08-19T16:52:13","modified_gmt":"2024-08-19T16:52:13","slug":"ethereum-transaction-costs-hit-historic-lows","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum\/ethereum-transaction-costs-hit-historic-lows\/","title":{"rendered":"Ethereum Transaction Costs Hit Historic Lows: What Does This Mean For ETH?"},"content":{"rendered":"

According to recent insights<\/a> from a CryptoQuant analyst, Ethereum’s daily mean gas price has reached an all-time low, falling to roughly 2.9 Gwei. This decline in gas prices correlates with a significant drop in daily transaction fees, which now average merely $0.85, marking a multi-year low for the network.<\/p>\n

The analyst reported that this cost reduction comes amid a stable or slightly\u00a0increasing daily transaction volume<\/a> compared to the past two years, suggesting that lower fees haven’t deterred user activity on the network.<\/p>\n

\"Ethereum
Ethereum gas price. | Source: CryptoQuant<\/figcaption><\/figure>\n

Despite drastically reduced costs, a sustained number of transactions indicates strong network health and continued user engagement, even as financial barriers lessen.<\/p>\n

Related Reading: Is Ethereum Poised for Inflation? Supply Reaches New High as Staking Takes Off<\/a><\/div>\n

Reason Behind The Plunge In Transaction Costs<\/h2>\n

Discussing the reason behind the historic lows in the Ethereum fee structure, the CryptoQuant analyst under the pseudonym ‘EgyHash’ attributed it to the Dencun upgrade implemented on March 13 this year.<\/p>\n

This update introduced ‘Blobs’\u2014a novel transaction type designed to economize data publishing for Layer 2 networks on Ethereum. Networks such as Arbitrum, Base, and Optimism can post their data on Ethereum at substantially reduced fees, potentially eliminating costs by up to 100%.<\/p>\n

This enhancement has directly contributed to the lowered gas prices and has made Ethereum a more accessible platform for a broader user base,<\/a> the analyst disclosed.<\/p>\n

\n

#Ethereum<\/a> Gas Price Hits New All-Time Low<\/p>\n

\u201cDespite the approval of Ethereum ETFs, the price of $ETH<\/a> has been struggling since the Dencun upgrade. ETH supply has increased by more than 197,000 ETH, and its price has fallen by 35%.\u201d \u2013 By @EgyHashX<\/a><\/p>\n

Link \ud83d\udc47https:\/\/t.co\/GZ1Dt0NStv<\/a> pic.twitter.com\/PtbjWGyUzc<\/a><\/p>\n

\u2014 CryptoQuant.com (@cryptoquant_com) August 19, 2024<\/a><\/p><\/blockquote>\n

However, EgyHash also highlighted that although lower transaction costs benefit users by making the network more affordable for various applications, they pose a nuanced challenge for investors. EgyHash noted in the post:<\/p>\n

While low fees are beneficial for users, they might not be advantageous for investors, especially given the substantial portion of Ethereum’s usage that is being offloaded to its Layer 2 networks, and the potential problems this could cause, such as user and liquidity fragmentation.<\/p><\/blockquote>\n

Related Reading: Will Ethereum Reach Over $3,000 In September? Analyst Bets On 80% Odds<\/a><\/div>\n

Ethereum Market Performance<\/h2>\n

So far, ETH<\/a> has been unable to maintain its price above notable price marks<\/a>. Over the past week, ETH has plunged by 4.2%–this bearish performance has brought the asset to currently trade for $2,591 at the time of writing.<\/p>\n

\"Ethereum
ETH price is moving sideways on the 2-hour chart. Source: ETH\/USDT on TradingView.com<\/a><\/figcaption><\/figure>\n

As highlighted by EgyHash, this struggle for the ETH’s price to hit new heights<\/a> has been around since the Dencun upgrade and has continued despite the recent approval of spot Ethereum exchange-traded funds (ETFs).<\/p>\n

Featured image created with DALL-E, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"

According to recent insights from a CryptoQuant analyst, Ethereum’s daily mean gas price has reached an all-time low, falling to roughly 2.9 Gwei. This decline in gas prices correlates with a significant drop in daily transaction fees, which now average merely $0.85, marking a multi-year low for the network. The analyst reported that this cost reduction comes amid a stable or slightly\u00a0increasing daily transaction volume compared to the past two years, suggesting that lower fees haven’t deterred user activity on the network. Despite drastically reduced costs, a sustained number of transactions indicates strong network health and continued user engagement, even as financial barriers lessen. Related Reading: Is Ethereum Poised for Inflation? Supply Reaches New High as Staking Takes Off Reason Behind The Plunge In Transaction Costs Discussing the reason behind the historic lows in the Ethereum fee structure, the CryptoQuant analyst under the pseudonym ‘EgyHash’ attributed it to the Dencun upgrade implemented on March 13 this year. This update introduced ‘Blobs’\u2014a novel transaction type designed to economize data publishing for Layer 2 networks on Ethereum. Networks such as Arbitrum, Base, and Optimism can post their data on Ethereum at substantially reduced fees, potentially eliminating costs by up to 100%. This enhancement has directly contributed to the lowered gas prices and has made Ethereum a more accessible platform for a broader user base, the analyst disclosed. #Ethereum Gas Price Hits New All-Time Low \u201cDespite the approval of Ethereum ETFs, the price of $ETH has been struggling since the Dencun upgrade. ETH supply has increased by more than 197,000 ETH, and its price has fallen by 35%.\u201d \u2013 By @EgyHashX Link \ud83d\udc47https:\/\/t.co\/GZ1Dt0NStv pic.twitter.com\/PtbjWGyUzc \u2014 CryptoQuant.com (@cryptoquant_com) August 19, 2024 However, EgyHash also highlighted that although lower transaction costs benefit users by making the network more affordable for various applications, they pose a nuanced challenge for investors. EgyHash noted in the post: While low fees are beneficial for users, they might not be advantageous for investors, especially given the substantial portion of Ethereum’s usage that is being offloaded to its Layer 2 networks, and the potential problems this could cause, such as user and liquidity fragmentation. Related Reading: Will Ethereum Reach Over $3,000 In September? Analyst Bets On 80% Odds Ethereum Market Performance So far, ETH has been unable to maintain its price above notable price marks. Over the past week, ETH has plunged by 4.2%–this bearish performance has brought the asset to currently trade for $2,591 at the time of writing. As highlighted by EgyHash, this struggle for the ETH’s price to hit new heights has been around since the Dencun upgrade and has continued despite the recent approval of spot Ethereum exchange-traded funds (ETFs). Featured image created with DALL-E, Chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":636561,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[10923,8323,1946,92230,84165,92924,78803],"class_list":["post-636557","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-crypto-market","tag-eth","tag-ethereum","tag-ethereum-gas-fee","tag-ethereum-price-prediction","tag-etheruem-market","tag-ethusdt"],"acf":[],"yoast_head":"\nEthereum Transaction Costs Hit Historic Lows: What Does This Mean For ETH?<\/title>\n<meta name=\"description\" content=\"According to recent insights shared by a CryptoQuant analyst, Ethereum daily mean gas price has reached an all-time low, falling to...\" \/>\n<meta name=\"robots\" content=\"index, follow, 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Edyme","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/wncen.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/0740dd47da0842fb4beb4895ce9022b4?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/0740dd47da0842fb4beb4895ce9022b4?s=96&d=mm&r=g","caption":"Samuel Edyme"},"description":"Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.","sameAs":["https:\/\/x.com\/0xEdyme"],"url":"https:\/\/wncen.com\/author\/samueledymeabayomi\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Ethereum Transaction Costs Hit Historic Lows: What Does This Mean For ETH?","url":"http:\/\/wncen.com\/news\/ethereum\/ethereum-transaction-costs-hit-historic-lows\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/ethereum\/ethereum-transaction-costs-hit-historic-lows\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/08\/DALL\u00b7E-2024-08-19-17.05.12-A-digital-illustration-highlighting-the-historic-lows-in-Ethereum-transaction-costs.-The-image-features-the-Ethereum-symbol-with-a-downward-arrow-rep.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/08\/DALL\u00b7E-2024-08-19-17.05.12-A-digital-illustration-highlighting-the-historic-lows-in-Ethereum-transaction-costs.-The-image-features-the-Ethereum-symbol-with-a-downward-arrow-rep.jpg?fit=1024%2C1024"},"articleSection":"Ethereum","author":[{"@type":"Person","name":"Samuel Edyme"}],"creator":["Samuel Edyme"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["crypto market","eth","ethereum","ethereum gas fee","ethereum price prediction","etheruem market","ethusdt"],"dateCreated":"2024-08-20T05:00:23Z","datePublished":"2024-08-20T05:00:23Z","dateModified":"2024-08-20T05:00:23Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Ethereum Transaction Costs Hit Historic Lows: What Does This Mean For ETH?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/ethereum\\\/ethereum-transaction-costs-hit-historic-lows\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/ethereum\\\/ethereum-transaction-costs-hit-historic-lows\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/08\\\/DALL\\u00b7E-2024-08-19-17.05.12-A-digital-illustration-highlighting-the-historic-lows-in-Ethereum-transaction-costs.-The-image-features-the-Ethereum-symbol-with-a-downward-arrow-rep.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/08\\\/DALL\\u00b7E-2024-08-19-17.05.12-A-digital-illustration-highlighting-the-historic-lows-in-Ethereum-transaction-costs.-The-image-features-the-Ethereum-symbol-with-a-downward-arrow-rep.jpg?fit=1024%2C1024\"},\"articleSection\":\"Ethereum\",\"author\":[{\"@type\":\"Person\",\"name\":\"Samuel Edyme\"}],\"creator\":[\"Samuel Edyme\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"crypto market\",\"eth\",\"ethereum\",\"ethereum gas fee\",\"ethereum price prediction\",\"etheruem market\",\"ethusdt\"],\"dateCreated\":\"2024-08-20T05:00:23Z\",\"datePublished\":\"2024-08-20T05:00:23Z\",\"dateModified\":\"2024-08-20T05:00:23Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/08\/DALL\u00b7E-2024-08-19-17.05.12-A-digital-illustration-highlighting-the-historic-lows-in-Ethereum-transaction-costs.-The-image-features-the-Ethereum-symbol-with-a-downward-arrow-rep.jpg?fit=1024%2C1024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/636557"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/580"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=636557"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/636557\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/636561"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=636557"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=636557"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=636557"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}