On Saturday, Ethereum transaction fees tapped a low not seen since November 2020 as the average network fee dropped to 0.0016 ether or $1.67 per transfer. Average fees on Saturday have been as low as 32 gwei or $0.69 per transfer as Ethereum gas fees have been steadily dropping since May 11, 2022. Ethereum Fees Drop to the Lowest Range Since November 2020 Ethereum’s average gas fees tapped a low on July 2, 2022, not seen in 19 months or November 12, 2020. Essentially, the gas or network fee is a quantity of ethereum ( ETH ) that is required to push a transaction on the blockchain network. Like the Bitcoin ( BTC ) network, ETH gas fees compensate the network’s mining participants in order to reward them for verifying transfers. In the early days, ETH transfers were negligible and from August 2015 to July 2016 , the average gas fee was less than a U.S. penny per ETH transfer. Between July 2016 to May 2017, Ethereum network fees were between $0.01 to $0.10 a transfer. Nowa...
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