Ethereum's average on-chain fee has steadily declined over the past 90 days and is currently below $1

Data from bitinfocharts.com shows that the average Ethereum on-chain fee remains low. In the past 90 days, except for a few short-lived small increases, the average fee rate has been steadily declining. On August 8, the average on-chain fee for Ethereum transactions was $2.452, but as of press time, it has fallen to $0.743, less than $1. The historical median fee is even lower: $0.786 on August 8, and currently 0.000079 ETH or $0.198. Etherscan's gas tracker even shows that the transaction cost is less than one gwei. As of August 31, Ethereum transfer fees ranged from 0.763 to 0.972 gwei, equivalent to $0.05 to $0.06 per transaction. According to Etherscan, a high-priority token swap will cost $0.95, selling an NFT will cost about $1.6, and bridging between networks will cost about $0.31. Since the Ethereum Dencun upgrade, Ethereum has again seen an annual inflation of 0.734%. This upgrade reduced transaction fees fourfold, significantly reducing the amount of ETH destroyed through transaction fees. (Bitcoin.com)