Transaction fees on the ethereum network recently fell to a seven-month low, reaching $1.7 per transaction on May 12.
The average transaction fee on the ethereum network has fallen to the lowest level in seven months as Layer 2 networks become more attractive for frequent transfers. According ethereum-transactionfees.html#3y” target=”_blank” rel=””>data According to BitInfoCharts, ethereum's average transaction fee fell as low as $1.7 on May 12, a level last seen in October 2023, when the price of eth was below the $2,000 mark.
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With ethereum's Dencun upgrade, fees also dropped significantly on higher layer 2 networks, making them more attractive for everyday use. according to statistics According to L2Fees, token swaps on Layer 2 mainnets now cost less than $0.5, a substantial difference compared to the ethereum mainnet, where users would have to pay more than $4 to exchange a token for other.
Meanwhile, ethereum co-founder Vitalik Buterin proposed addressing the limitations of the existing commission system through multi-dimensional gas pricing. ethereum uses a peer-to-peer model in which all computing processes, including storage, data transfer, and encryption operations, are measured in a single metric known as “gas.”
Buterin argues that the current approach leads to inefficient utilization of computing power and may result in the inclusion of insecure blocks in the blockchain. By proposing a shift towards a multidimensional gas model, he suggests that this approach could better reflect the true constraints and capabilities of the network, potentially improving capacity without compromising resource fungibility.