Ethereum Gas Fees Hit Lowest In Four Years

• Ethereum’s average gas price hit 6 Gwei, its lowest since January 2020.
• Martin Köppelmann questioned the sustainability of this trend.
• The decline in gas fees is attributed to the Cancun-Deneb upgrade and reduced on-chain activity.

Ethereum network witnessed a significant decline in its intraday average gas price, plunging to 6 Gwei. According to Etherscan metrics, this figure marks its lowest point since January 2020. On the other hand, this drop in gas fees translates into remarkably affordable on-chain operations for Ethereum users. 

Co-founder of Gnosis, Martin Köppelmann, commented on the development, questioning the ongoing trend. “Ethereum base fee is at record lows. The blob fee still has not even entered price discovery (with a very short exception) and thus is at absolutely 0.

Is this the new normal or will we see periods of +100 GWEI again and by what demand will they be driven?” Köppelmann stated.

Recent observations attribute the decline in gas fees to the combined effects of the Cancun-Deneb upgrade and a downturn in on-chain activity within the Ethereum network. 

With the cryptocurrency markets experiencing relative calm and an …

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