The cheap network fees are a boon for traders but could signal long-term fundamental issues with Ethereum’s revenue generation model.
Gas fees on the Ethereum layer-1 blockchain dropped to just 0.067 Gwei on Sunday, amid a lull in the crypto markets sparked by October’s historic market crash.
The average price for executing a swap on Ethereum is just $0.11, non-fungible token (NFT) sales carry a fee of $0.19, bridging a digital asset to another blockchain network will cost users $0.04, and onchain borrowing costs $0.09 at the time of this writing, according to Etherscan.
Ethereum network transaction fees hit a recent high of 15.9 Gwei on October 10, the day of the market flash crash that caused some altcoins to shed over 90% of their value within 24 hours.