According to data analysis company Santiment, the average transaction fee for Ethereum (ETH) has dropped to its lowest level since December 2020.
In the past, the Ethereum (ETH) network was crowded, and transactions were slow and expensive, which made many small investors unaffordable. Due to the high fees of ETH, many users and developers have switched to other blockchains, but now Ethereum fees have fallen to a low of several months.
According to Santiment’s latest tweet, the average transaction fee of Ethereum (ETH) has dropped to the lowest level since December 2020.
“The average fee of Ethereum has dropped to $2.19, which is the lowest level of the second-largest asset in market capitalization since December 2020. This is a promising sign that the utility of ETH can rise, and the impact of fees on healthy circulation Very small.”
In mid-July 2021, the average transaction fee for Ethereum (ETH) transactions was as low as $2.19. Other trackers found that the average transaction fee for Ethereum (ETH) was $2.75.
#EthereumThe average cost of the asset dropped to $2.19, which is the lowest level for the second largest market capitalization asset since December 2020.This is a promising sign $ ETHThe utility can rise, and the cost has little impact on healthy circulation. https://t.co/KNAFuBuWWQ pic.twitter.com/qR0WBU5kVf
-Santiment (@santimentfeed) July 11, 2021
The average cost is at its lowest level in months. The average commission for each Ethereum transaction (ETH) is less than $1.40.
Ethereum (ETH) fees have fallen by 97% since the peak. Santiment analysts believe this is a positive sign for the Ethereum (ETH) network.
Lower fees mean more convenient transactions and more Ethereum network (ETH) users.
This means that the utility of ETH may increase without affecting the cost of healthy circulation.
Due to the high cost of the Ethereum (ETH) network, many decentralized applications are ported to other smart contract environments by its team. But now the situation is changing, and low fees will encourage more dapps to adopt Ethereum. When the ETH fee drops and small and medium investors are encouraged to use ETH more frequently, the ETH ecosystem will develop faster.
The main beneficiaries of the previously crowded Ethereum are Polygon (formerly Matic Network) and Binance Smart Chain (BSC).