A month ago, the Ethereum network was collapsing under its own success, leading to transactions being very expensive and very slow, and turning users away from it to other blockchains.
But according to data from Santiment, both median and average fees for Ethereum transactions have fallen to levels that haven’t been recorded since 2020.
As of now, the average fee for one ETH transaction is $2.19, while others report that the median ETH transaction fee is $2.75. This is a far cry from the mid-May “dogecoin” hysteria when a transaction had a cost of $70.
This means that Ethereum fees are now lower by 97% from their peak, which is obviously a good sign for the network.
“This is a promising sign that $ETH’s utility can rise with little impact of fees standing in the way of healthy circulation,” according to Santiment.
Still, many people have already moved on from the Ethereum network to Polygon and Binance Smart Chain.