Summary
- Ethereum (ETH) gas fees have hit a multi-year low due to gas limit increase.
- Ethereum transaction fees are being processed at less than 1 gwei.
- Validators increased the gas limit from 30 million to 36 million, leading to decreased gas fees.
Ethereum (ETH) transaction fees have reportedly fallen to their lowest level in years, dropping below 1 gwei.
On the 15th, crypto media Into The Block reported via X (formerly Twitter) that "Ethereum transactions are being processed with fees less than 1 gwei as Ethereum recently increased its gas limit." For reference, 1 gwei equals 0.000000001 ETH, approximately $0.000408.
The media outlet added, "This represents the lowest fee level recorded in several years."
Previously, Ethereum validators voted to increase the gas limit from 30 million to 36 million. The increase in gas limit has led to a higher number of transactions that can be processed per block, which in turn has resulted in lower gas fees.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
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