Transaction fees on the Ethereum network recently fell to a seven-month low, reaching $1.7 per transaction on May 12th.
Average transaction fees on the Ethereum network have fallen to their lowest level in seven months as the Layer 2 network becomes more attractive for frequent transfers. According to data from BitInfoCharts, the average Ethereum transaction fee fell to $1.7 on May 12, and was last at this level in October 2023 when ETH price fell below $2,000.
Ethereum's Dencun upgrade also significantly lowers the price of the top layer 2 network, making it more attractive for everyday use. According to L2Fees' statistics, swapping his token operations on major layer 2 networks is currently less than $0.5, compared to Ethereum's mainnet where users have to pay more than $4 to exchange one token for another. There is a big difference when compared.
Meanwhile, Ethereum co-founder Vitalik Buterin proposed addressing the limitations of the existing fee system through multidimensional gas pricing. Ethereum utilizes a peer-to-peer model where all computing processes, including storage, data transfer, and cryptographic operations, are measured by a single metric known as “gas.”
Buterin argues that the current approach leads to inefficient use of computing power and can result in blockchains containing insecure blocks. He proposed a move to a multidimensional gas model, suggesting that this approach better reflects the true constraints and capabilities of the network and has the potential to enhance capacity without compromising resource substitutability. doing.
