The average price of gas on the Ethereum blockchain is at its lowest point since March 2020, dropping to the 15-30 gwei range. The figures are down significantly from the 300 gwei range seen in April when transaction fees surged.
One gwei represents a fraction of one ether – 0.000000001 ETH – and helps determine transaction prices. Different transactions on the Ethereum network use different amounts of gas, and the average transaction fee is around $8.15.
According to a report, gas prices are dropping as projects and users are increasingly turning to “scalability solutions” like Polygon and Arbitrum, which take some of the strain off of the main Ethereum blockchain.
CoinMetrics added that gas prices have been declining since the gas limit per block was raised from 12.5 million to 15 million gwei, and that arbitrage bots looking to make a profit on decentralized exchanges are being moved off of the Ethereum blockchain to other chains.
Source: https://www.cryptocompare.com/email-updates/daily/2021/jul/08/
