Altcoins Talks - Cryptocurrency Forum

Cryptocurrency Ecosystem => Ethereum Forum => Ethereum News & Updates => Topic started by: Tamsialu$$ on July 08, 2021, 03:04:52 AM

Title: Ethereum Gas Prices Drop to Lowest Rates Since March 2020
Post by: Tamsialu$$ on July 08, 2021, 03:04:52 AM

Coin Metrics says Ethereum gas prices actually began declining before the price of ETH did. One gwei is a fraction of one ETH (0.000000001 ETH) and also a fraction of a penny. But if gas prices are so low, why does it currently cost an average of $8.15 for transactions, up from a low of $2.31 on June 26? That's because the two metrics are related, but distinct. Transaction fees are determined by taking the price of gas and multiplying it by the amount of gas used. Different types of transactions require more gas to be used. So, bidding on an NFT at auction, making a trade on a decentralized exchange, or sending somebody ETH can all have potentially varying costs because those transactions differ in complexity.more (https://decrypt.co/75463/ethereum-gas-price-drops-lowest-rates-since-march-2020)