For 38 Consecutive Days Ethereum Gas Fees Record the Lowest Rates Since 2020

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In 43 days, the Ethereum network could finally see a full transition from proof-of-work (PoW) to proof-of-stake (PoS) via The Merge. Meanwhile, during the last 38 days, Ethereum’s layer one (L1) onchain transaction fees have dropped below the $5 mark and tumbled even lower by the end of July. At the time of writing, the average Ethereum network fee is 0.00086 ether or $1.46 per transfer. Median-sized fees are even less, as statistics show transfer fees have been as low as $0.21 to $0.576 ...

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