Ethereum Transaction Fees Drop 85% in Under Three Weeks
The average Ethereum (ETH) transaction fee reached an all-time high (ATH) of almost $12 last month, causing a major pain point for traders and other ETH users. As a result, Ethereum miners have been racking up record fees, earning a total of $166 million from transaction fees alone in September.
But now, things have largely returned to normal. According to data from Glassnode, the total Ethereum transaction fees earned by miners have fallen from a peak of 42,763 ETH on September 17, down to 5,898 yesterday—equivalent to a decline of 86.2% in under three weeks.
In turn, the average fee per transaction has fallen by a similar degree, and has dropped from a September 17 peak of $11.62, down to $2.1 as of yesterday. This makes the Ethereum blockchain cheaper to use.
It isn't just transaction fees that have fallen dramatically in the last few weeks. The absolute number of transactions on the Ethereum network has also fallen considerably to reach 935,000 yesterday—down 29.2% since reaching a 2020-peak of 1.32 million on September 17.
The total value transacted has fallen by an even greater degree. It has dropped from 6.5 million ETH on September 17, down to 1.7 million ETH yesterday—a decline of 74%
Finally many of us can go back to using our ERC-20 tokens