Fees on the Ethereum blockchain have dropped to the lowest level since 2020 thanks to fewer users sending Ether and using smart contracts, says Santiment.
Transaction costs on the Ethereum network have dropped to the lowest level in five years as the amount of activity on the blockchain is in a lull, according to the onchain analytics platform Santiment.
Ethereum network fees are now around $0.168 per transaction and the reduction in fees coincides with fewer people sending Ether (ETH) and interacting with smart contracts, Santiment marketing director Brian Quinlivan said in an April 17 blog post.
“When many people are using Ethereum, users bid higher fees to get their transactions confirmed faster This drives the average costs up,” Quinlivan said.