The Ethereum ecosystem experienced its worst performance of the year in June with the total number of daily sales falling to roughly 19,000. It fell down to $1.57 in gas fee, which is the lowest number recorded since 2020.
As defined in the NFT dictionary, gas fees are the payments individuals make to complete a transaction on a blockchain. These fees are used to compensate blockchain miners for the computing power they have to use to verify blockchain transactions.
The Ethereum (ETH) ecosystem is famous for the extremely high transaction fees or gas fees it requires to complete a transaction. However, with Ethereum’s average gas fees coming down to 0.0015 ETH, the situation is going to change.
For nearly two years, the average gas fee required for the Ethereum network was roughly $40, with the highest gas cost of $196.638 happening on May 1. In January 2021, Ethereum’s gas fees saw a big rise in the bull market.
Now the average transaction fee on the Ethereum blockchain has fallen down to 0.0015 ETH or $1.57 which was previously seen in December 2020.
A total of 2.5 million ETH has been burnt since EIP-1559 was introduced in early Aug 2021, causing the average gas fees to drop around $3.
The recent plunge in Ethereum gas fee has put 83% of Ethereum stakers underwater, with Just a small minority of stakers that staked Ethereum on the Beacon Chain in profit as the asset continues to fall.
At the time of writing, there is 13.6 million worth of ETH staked on the Beacon Chain. At current low prices, this is valued at around $14.2 billion and represents 11.2% of the total circulating supply.
Ethereum price is swaying around the $1,000 level but the number could rapidly increase or drop into three digits.