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.