Ethereum Transaction Fees Continue To Decline

According to Odaily, data from bitinfocharts.com indicates that Ethereum's average on-chain fees have remained low. Over the past 90 days, the average fee rate has been steadily decreasing, with only a few brief, minor increases. On August 8, the average on-chain fee for Ethereum transactions was $2.452, but it has since dropped to $0.743, falling below $1. Historically, the median fee has been even lower: $0.786 on August 8, and currently at 0.000079 ETH or $0.198. Etherscan's Gas Tracker shows transaction costs of less than one gwei. As of August 31, Ethereum transfer fees ranged between 0.763 and 0.972 gwei, equivalent to $0.05 to $0.06 per transaction. Etherscan data also reveals that high-priority token swaps cost $0.95, selling NFTs costs around $1.6, and bridging between networks costs approximately $0.31. Since the Ethereum Dencun upgrade, Ethereum has experienced an annual inflation rate of 0.734%. This upgrade has reduced transaction fees by four times, significantly decreasing the amount of ETH burned through transaction fees.