Between these two years from Jan. 2021 to May 2022, the average gas fee of the Ethereum network was around $38. In May 2022 it’s recorded that the highest average gas fee reached $197.590.
The Ethereum ecosystem’s biggest flaw is its extremely high gas fees. So if anyone wants to transfer crypto over the Ethereum blockchain. He has to pay these high transaction fees to complete the transaction. However with average Ethereum gas fees set to come down to their lowest level of 0.0014 Ethereum the narrative will change.
Data shows that the average Ethereum transaction fee for the Ethereum blockchain fell down to its lowest level of 0.0014 Ethereum and in dollars, it’s $1.57. Many people say that this number was previously seen in the year 2020. In 2021 ETH gas fees were high which create hype in NFTs (Non-Fungible Tokens) Defi (Decentraland finance) and an encouraging bull market.
In these two years from January 2021 to May 2022. The average Ethereum transaction fee required by its network was around $40. In May 2022 its recorded its highest Ethereum transaction cost which was around $$197.590. You can check it from Bitinfo charts.
With that, the daily NFTs sales have also dropped to one year low. NFT ecosystem also recorded its worst performance of the year. Total sales fell to 19,000 with an estimated value is around $13.9M.
In November 2021 when different investors reported shocking gas fees. Then Ethereum’s co-founder Vitalik Buterin gives a proposal to reduce unpredictable levels of strain on the Ethereum network. He introduced a short-term solution of call data limit per block to reduce the Ethereum gas fee.