Ethereum Fees Drop to Its Lowest Rate Since October 2021

The average transaction fee on the Ethereum blockchain has dropped to its lowest rate of $15.31, a figure that was last seen in October 2021, when fees touched a low of about $13. In fact, the median-sized transfer fee on Ethereum today is even cheaper at 0.0022 ETH or $6.2 per transfer, according to data from bitinfocharts.com. In comparison, fees today are 71.15% lower than the $52.46 average transaction fee that was last seen on January 10, 2022. Ethereum fees are crucial to the sustainability of the blockchain, as users who create transactions must be involved in a bidding process to have their operations processed more quickly. The higher fees paid to miners, the faster the confirmation process is for the transaction. ETH 2.0 For Relief Against High Transaction Fees To ease the burden of paying high transaction fees, the network is in the process of implementing the Ethereum Consensus Layer (formerly ETH 2.0) which aims to introduce proof-of-stake and scalability solutions such as sharding that would increase the transaction processing capacity to nearly 100,000 transactions per second. Ethereum co-founder Vitalik Buterin recently introduced the concept of a “near-future hard fork” that would include “blob-carrying transactions” which could temporarily relieve scalability concerns before sharding begins. The proposed solution is expected to be adopted in the Shanghai hard fork. The new transaction structure, according to ...