Despite growing blockchain activity on Ethereum, gas fees on the world’s largest smart contract network remain near historic lows, signaling an older and scalable infrastructure ready for advanced real-world use cases.
Ethereum Transaction fees remained at a historical low of only 0.16 GWEI, or about $ 0.01 per transaction. Gas fees are slightly higher for token swaps at $0.15 and at $0.27 for non-fixed token (nft) sales, according to the blockchain data aggregator Milkroad.
The low cost stands in sharp contrast to previous periods of high network activity, when demand often sent fees soaring, which has been one of the biggest criticisms of Ethereum in recent cycles.
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Ethereum activity is increasing amid stable fees
Daily transactions on the network rose to 1.6 million on Tuesday, marking a near one-month high, last seen in early October before the Record $19 billion liquidation Event.
Active addresses also rose by similar amounts, touching a monthly high of 695,872 on Saturday, according on the Nansen crypto intelligence platform.
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Ethereum’s historically low gas fees follow Dencun and pectra upgrades, both designed to lower transaction costs and expand throughput.
Deployed in May, The pectra upgrade has doubled the BLOB capacity of Layer-2 (L2) networks, cutting L2S transaction fees by around 50%. This upgrade also served to offload more transactions from the mainnet to further cut costs.
Ethereum’s previous major upgrade, Dencun, also managed to cut L2 transaction fees and break even more transactions from L1, making Ethereum transaction fees average. 95% cheaper One year after it was deployed on March 13, 2024, Cointelegraph reported.
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