Ethereum transaction fees dropped to July values


With the market cooling down, Ethereum transaction fees have fallen to their July 2021 levels.

The chart below shows that after hitting an all-time high near the $200 mark on May 1, the figure has fallen sharply.

As of this writing, a simple ETH transfer from address to address is $0.53.

Transactions on Uniswap’s non-custodial exchange and Opensea’s NFT marketplace cost about $4-5. Transferring ERC-20 standard tokens will cost the user just over $1.

Lower fees have affected Ethereum miners’ revenue, which has also fallen to mid-summer 2021 values.

The number of addresses with balances over 10,000 ETH has also been decreasing lately.

As a reminder, a “complexity bomb” is expected to be activated in August. The software solution is designed to encourage a move to PoS, making it less profitable for miners to network on Proof-of-Work.

Earlier ForkLog published a piece on how SegWit, Lightning Network and transaction batching reduce fees in the bitcoin network.