The cost of sending a transaction on Ethereum plummeted today as congestion appears to be finally clearing.<\/p>\n
According to EthGasStation, the average gas fee on Wednesday is between 30 and 40 Gwei, with a notable 6 Gwei as the minimum to get a transaction confirmed in less than 30 minutes.<\/p>\n
This comes after a period of more than two months of elevated fees, touching at times more than 140 Gwei. Taking a standard Ether (ETH) transaction as an example, the average cost of sending it came down from about $1 to less than $0.25. The improvement is even more noticeable for DeFi users, where some interactions would regularly consume up to $15 in fees.<\/p>\n
This appears to be part of a trend that began several days ago with the gradual decrease in transaction count, according to Etherscan data.<\/p>\n<\/p>\n
Source: Etherscan.io<\/p>\n
Total gas usage and the number of token transfers have also decreased slightly, though seemingly less than the total transaction count. This could suggest that a decrease in DeFi transactions accounts for the majority of the relief, as transactions related to Tether and Forsage, an alleged Ponzi scheme, are topping the charts.<\/p>\n
It is worth noting that Etherscan data does not yet include Wednesday, making it difficult to pinpoint what is driving the sudden lowering of the gas fees.<\/p>\n
The Ethereum community raised the gas limit, the Ethereum equivalent of block size, up by 25% in June. This was not enough to immediately ease the congestion as demand was too high.<\/p>\n
As Cointelegraph previously reported, Ethereum has a fairly elastic gas demand. When prices are high, lower value transactions in industries like blockchain gaming tend to decrease.<\/p>\n
The congestion resulted in new users being unable to dip their toes in Ethereum DApps and DeFi, as some commentators noted.<\/p>\n
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Ethereum Transaction Fees Fall by 75% as Congestion Eases - Cointelegraph<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" The cost of sending a transaction on Ethereum plummeted today as congestion appears to be finally clearing. According to EthGasStation, the average gas fee on Wednesday is between 30 and 40 Gwei, with a notable 6 Gwei as the minimum to get a transaction confirmed in less than 30 minutes Continue reading