Altcoins Talks - Cryptocurrency Forum

Cryptocurrency Ecosystem => Ethereum Forum => Ethereum News & Updates => Topic started by: sirty143 on August 08, 2022, 10:52:37 AM

Title: For 38 Consecutive Days Ethereum Gas Fees Record the Lowest Rates Since 2020
Post by: sirty143 on August 08, 2022, 10:52:37 AM

For 38 Consecutive Days Ethereum Gas Fees Record the Lowest Rates Since 2020

(https://i.imgur.com/8qa4KONm.jpg)

In 43 days, the Ethereum network could finally see a full transition from proof-of-work (PoW) to proof-of-stake (PoS) via The Merge. Meanwhile, during the last 38 days, Ethereum’s layer one (L1) onchain transaction fees have dropped below the $5 mark and tumbled even lower... See more for yourself here (https://news.bitcoin.com/for-38-consecutive-days-ethereum-gas-fees-record-the-lowest-rates-since-2020/).

Your opinion is greatly appreciated.

Title: Re: For 38 Consecutive Days Ethereum Gas Fees Record the Lowest Rates Since 2020
Post by: Noverteno on August 18, 2022, 05:02:24 PM

The article does not clearly state the reasons for such a sharp reduction in the cost of gas fees on the ethereum network. I would like to hear exactly this motivation. It talks about the deflationary burn mechanism using EIP-1559, which destroys about 0.2 million Ether annually, but does not describe how this can affect the reduction in transaction fees. Right now, the gas fee on the ethereum network is 20 gwei, which is really quite low. Let's hope this isn't a temporary drop.