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EOS Network Foundation launches EOS EVM 1.0, featuring a dynamic gas fee model and compatibility with Ethereum's London and Shanghai upgrades. (Read More)
Ethereum, the world’s second-largest blockchain platform, has entered a new era marked by record-low transaction fees. This dramatic shift, the most significant since 2016, has sent ripples of excitement through the cryptocurrency community, raising hopes for increased adoption and a more accessible DeFi (Decentralized Finance) landscape. Related Reading: Bitcoin Weekend Trading Takes A Siesta: Volumes Plunge To Record Lows From Pricey To Penny-Pinching Previously, Ethereum’s notorious gas fees, the cost of processing transactions on the network, had become a major barrier to entry. During peak periods in 2021, fees skyrocketed to a staggering 100 gwei, effectively pricing out many users and hindering the network’s growth. This recent fee freefall, however, paints a drastically different picture. With average fees hovering around 3 gwei (equivalent to a fraction of a US cent), interacting with the Ethereum network has become significantly more affordable. News of the record-low gas fees first surfaced via Wu Blockchain, a respected online source for cryptocurrency news. The information was then corroborated by Coinbase Director Conor, lending further weight to the reports. According to data shared by Coinbase Director Conor, Ethereum is experiencing the lowest average network fee since 2016. Among the 10 periods with the lowest average fee per hour on the Ethereum network, 9 were recorded this week, all below 3.3 gwei. At 4:00 UTC on June 30, the Wu Blockchain (@WuBlockchain) June 30, 2024 Analysts attribute this dramatic decline to a confluence of factors. Recent network upgrades, specifically those focused on improving efficiency, have played a crucial role in streamlining transaction processing. Additionally, the overall decrease in network activity, potentially due to a broader crypto market slump, has also contributed to the lower fees. A Boon For Builders And Blockchain Beginners? The implications of these low fees are far-reaching. For developers, the Ethereum network has become a more attractive platform for deploying decentralized applications (dApps). Lower transaction costs make it easier to experiment and iterate on new projects, potentially leading to a surge in innovative dApp development. YCharts offers a visualization tool for tracking the Ethereum Average Transaction Fee. This chart (above) allows users to monitor fee trends over time, providing valuable insights into network activity and user behavior. Related Reading: Bullish Signs For Polkadot (DOT): Analyst Eyes $12 On The Horizon For users, particularly those new to the crypto space, the reduced fees significantly lower the barrier to entry. This opens the door for a wider range of individuals to participate in DeFi activities, such as lending, borrowing, and trading digital assets. A more accessible Ethereum could lead to a broader user base and a more robust DeFi ecosystem. However, some experts caution that the long-term implications of these low fees remain to be seen. The Ethereum network relies on transaction fees to incentivize miners who validate transactions and secure the network. A sustained period of extremely low fees could potentially impact network security, raising concerns about the long-term health of the ecosystem. Featured image from Swyftx Learn, chart from TradingView
Coinbase customers can look forward to a cheaper, easier experience when they buy, sell or trade crypto.
Discover what Gwei is and how it measures gas fees on the BNB Chain, ensuring affordable transactions and efficient blockchain operations. (Read More)
The proposed ENSv2 aims to lower gas fees and improve transaction speed by moving out of Ethereum and transferring to a layer-2 network.
Ethereum transaction costs have fallen to their lowest point in five years. The drop comes as users pull back from the network amid economic concerns, according to data from Santiment, an on-chain analytics platform. Related Reading: Solana Hits Milestone As Canada OKs First Spot ETFs Ethereum Transaction Costs Plummet To Just 17 Cents The average fee to process a transaction on Ethereum now stands at approximately $0.168. This steep decline matches a pattern of reduced activity, with fewer people sending Ether or using smart contracts on the blockchain. Brian Quinlivan, marketing director at Santiment, explained the situation in an April 17 blog post. Market Uncertainty Keeps Traders On Sidelines According to Quinlivan, low network fees often appear before price rebounds. However, many traders seem to be waiting for global economic questions to clear up before they return to their normal trading patterns. BREAKING: Ethereum fees are at a 5-year low, with transactions currently costing just $0.168. This is the cheapest daily cost of making $ETH transfers since May 2, 2020. We briefly break this down in our latest insight. https://t.co/fg5CfRgsHn pic.twitter.com/QlLwyzdm1F Santiment (@santimentfeed) April 16, 2025 Hesitation continues after market worries that had started from April 2 with US President Trump announcing sweeping tariffs. Traditional markets turned out to be hit alongside cryptocurrency, where most assets languish below pre-announcement values. Pectra Upgrade Set For Launch On May 7 Despite this market crisis, Ethereum development is on the move. Pectra is finally scheduled to go live on May 7 after some delays owing to the configuration hiccups as well as an unknown attacker causing problems during the testnet trials. The first part of Pectra will bring numerous enhancements to the network such as an increase to layer-2 blob capacity from three to six, transaction fee reduction, alleviation of network congestion, and also allow users to pay fees with stablecoins like USDC and DAI. The upgrade will also increase the maximum staking limit from 32 ETH to a much larger 2,048 ETH. A second phase planned for late 2025 or early 2026 will add new data structures for better storage efficiency. It will also create a system that helps nodes verify transaction data without storing the entire dataset. Long-Term Holders Begin Selling Positions Meanwhile, data from Lookonchain shows that long-term Ethereum holders are now selling their positions, even after holding through previous market cycles. These sales are happening in the $1,500 to $1,700 price range. After holding $ETH for 11 months, this guy capitulated and sold all 1,160 $ETH($1.83M) at a loss of $2.6M(-58.6%)! 11 months ago, he withdrew 1,160 $ETH($4.43M) from #OKX at $3,816, and deposited it to #OKX at $1,580 ~30 minutes ago, losing $2.6M(-58.6%). pic.twitter.com/Cl0ebXie1f Lookonchain (@lookonchain) April 16, 2025 The selling activity has created mixed signals for market watchers. Some analysts view this as a warning sign of a potential sell-off ahead. Others believe it could lead to market stabilization. Related Reading: Is Shiba Inu On Track To Dethrone Dogecoin? Heres What The Experts Say This selling comes at an interesting time, with network usage at multi-year lows but major technical upgrades on the horizon. Based on Quinlivan’s assessment, reduced retail interest combined with ongoing development could create conditions for “an eventual surprise rebound with little resistance.” Ethereum price has dipped by more than 11% over the last two weeks. Based on figures from CoinMarketCap, this cryptocurrency is now trading just below $1,600. The price has remained unchanged over the last 24 hours. Featured image from Capital One, chart from TradingView
Ethereum network fees surged to nearly two-year highs, largely driven by the speculative frenzy with meme tokens such as PEPE, SHIB and FLOKI.Source: CoinDesk
The post Meme Coin Frenzy Drives Ethereum Network Fees to Nearly 2-Year High: IntoTheBlock appeared first on Crypto Breaking News.
In comments likely to resonate with crypto fans, Hayden Adams, the founder of Uniswap, a leading decentralized exchange (DEX), predicts that network fees will eventually become a background expense for users, much like server costs are today for top centralized applications running on Amazon Web Service and other platforms. Gas Fees Is A Major Pain Point, Mass Migration To Solana, Layer-2 Platforms Taking to X, Adams envisioned a future where decentralized applications (dapps) seamlessly cover network fees on behalf of users. This approach, the inventor adds, aligns with how server costs are currently handled in the current setup, especially among operators of common applications like X or Facebook. Server costs are often considered a hidden expense in the overall business model. However, this can cost millions of dollars monthly, depending on the app’s popularity. Related Reading: Shiba Inu Blasts Into Top 10 Crypto Following 175% Price Surge Presently, the dream of low-fee transactions remains out of reach for some blockchains, particularly Ethereum, the dominant platform for smart contracts. Ethereum is a legacy blockchain that recently shifted from a proof-of-work to proof-of-stake consensus. However, while this was a major shift, the network still struggles with scaling challenges. At optimum, Ethereum can only process 15 transactions every second. Comparing this with current demand only means “gas fees” must be high to incentivize the validator to include transactions in the next block. This high “gas fee” continues to be a major pain point, leading some projects to migrate to alternative networks with faster transaction speeds and lower fees. Solana, a high-throughput blockchain, and layer-2 scaling solutions like Arbitrum have emerged as popular destinations for these migrating projects. This trend is particularly evident with the recent surge of meme coins like BONK and WIF, which have seen significant growth on Solana. Related Reading: Bitcoin Crossroads: Analyst Identifies Level Set To Determine Next Move Unlike Ethereum, Solana and layer-2 platforms relying on Ethereum for security boast higher throughput and negligible gas fees. Accordingly, more meme coin projects are launching on these networks. Here, users can transact without considering the implication of gas fees. In recent weeks, top meme coins, besides PepeCoin (PEPE) or Dogecoin (DOGE), have been launching on Solana. Ethereum Is Working On Scaling Ethereum will implement the Dencun Upgrade in mid-March to combat its scaling woes. The update aims to reduce costs for users interacting with layer-2 solutions significantly. However, this upgrade is just one of the many Ethereum developers plan to implement over time. Eventually, the proof-of-stake network aims to scale processing speeds, allowing it to execute millions of transactions every second through innovations like Sharding. Uniswap continues to lead in popularity, looking at assets under management. So far, Uniswap developers have deployed its solution across other blockchains and layer-2 options, including Arbitrum and the BNB Chain. Feature image from Shutterstock, chart from TradingView
Vitalik Buterin draws attention to predictions of lowered Ethereum gas fees post-EIP-4844, with market speculation suggesting major cost cuts. (Read More)
The Ethereum core developers behind this campaign claim that the goal of raising the has limit is to reduce transaction fees on L1s.
Ethereum (ETH) has completed a major software upgrade, Dencun, that promises to make utilizing the network ecosystem more cost-effective. This update specifically targets Layer 2 (L2) networks, such as Arbitrum (ARB), Polygon (MATIC), and Coinbases Base, which are interconnected with Ethereum. With Dencun, transaction costs on these networks have significantly decreased, with fees dropping from [...]
The post Dencun Upgrade Officially Deployed On Ethereum Mainnet, ETH Price Holds Steady Below $4,000 appeared first on Crypto Breaking News.
This article will go over how to bridge assets from the Ethereum mainnet to the zkSync Era network. Let's take a look at it in more detail.
Ethereum's gas fees have hit a new multi-month high due to the growing memecoin frenzy. While this has brought in more revenue for the network, it has also caused congestion and difficulty in processing transactions. (Read More)
On March 10, concerns about the solvency of USD Coin (USDC) led several holders to panic sell their holdings and switch to other stablecoins. One user lost over 2 million USDC in a failed attempt to exchange them for Tether (USDT) using KyberSwap's decentralized exchange aggregator. Tron founder Justin Sun reportedly withdrew 82 million USDC and exchanged them for Dai (DAI) using Aave v2, while IOSG Ventures sold 118.73 million USDC for 105.67 million USDT and 2,756 Ether (ETH). The USDC price has since slowly recovered, and Circle, the company behind USDC, disclosed holding $3.3 billion at the Silicon Valley Bank. (Read More)
The Ethereum Layer 2 ecosystem is experiencing a surge in network activity driving the monthly Gas spent on L2 transactions.
Binance.US, the U.S.-based subsidiary of the world’s largest cryptocurrency exchange, has launched a high-yield staking service for Ethereum (ETH) just days before the long-awaited merge.
Before the forthcoming Ethereum Merge, the trade volume for Ethereum domain name sales peaked at a seven-day high on OpenSea.
Ethereum’s “Merge” update will not reduce the gas fees. The team is fixing all the misconceptions arising on the upcoming
Currently, Sun’s crypto exchange, Poloniex, has holdings of more than one million ETH.
Ethereum transfer costs are steadily dropping from May 11, 2022. On July 2nd,2022 – the average fee slipped lower to
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