Ethereum Transaction Costs Have Plummeted Since Last November

Transaction costs on the Ethereum network have dropped significantly since the days of 2020’s DeFi Summer and the ensuing boom in non-fungible token issuances. According to various reports, Ethereum transaction costs hit a two-year low on September 22. Transaction costs are hitting new lows, but Ethereum’s number of transactions and daily active users have not fallen at the same time. “People are not in a hurry and are not willing to pay more for their transactions to go through sooner,” The Block Research data analyst Simon Cousaert explained.

Looking at the total number of transactions and active addresses on the Ethereum network, none of these stats come close to all-time lows. In fact, both have increased by about 20% and 60% in the same two-year period, respectively. Uniswap, OpenSea, and ETH transfers were the highest gas-consuming (cost to perform a transaction) smart contracts in the past month, according to reports.

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