The Ethereum network's transaction prices (known as gas fees) have declined significantly since 2021, according to The Block.
The blockchain platform's gas fees have fallen to the lowest point in the past years, as of Sept 22, data from The Block showed.
Ethereum's average gas price for Sept 25, was 10.96 Gwei, according to Ycharts.com, and the highest was at 474.57 Gwei on May 1, 2022, down from 50.96 one year ago. This is a change of 20.73% from yesterday and -78.50% from one year ago.
The all-time high (ATH) of average gas fees even reached 709.71 Gwei, as of June 11 in 2020, which was much higher than the current level.
Despite the fall in gas fees, Ethereum transaction count and daily active users have not dropped concurrently. According to The Block, the likely culprit could be that transacting users don't see the need to pay high costs to complete their transactions quickly.
The Block Research data analyst Simon Cousaert explained that "people are not in a hurry and are not...
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