Summary
- The Block reported that Ethereum's transaction fees have hit their lowest level in 4 years.
- The latest fee is $0.77, showing a 70% decrease from a week ago.
- The fee decrease indicates a network demand reduction rather than increased user activity, according to analysis.
Ethereum (ETH) transaction fees have reportedly hit their lowest level in 4 years.
According to The Block on the 20th (local time), Ethereum's 7-day moving average (7DMA) transaction fee was $0.77 as of the 15th. This represents a 70% drop from $2.57 a week ago, marking the lowest level in dollar terms since July 2020.
Regarding this, the media analyzed that "while fee decreases generally stimulate user activity, such a sharp and prolonged decline suggests a decrease in demand rather than improved network efficiency."
Indeed, Ethereum's on-chain transaction volume 7-day moving average was $4.19 billion as of the 15th, down 46% from the previous week. This marks the lowest level since November 7, 2020, right after the U.S. presidential election.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.
