Ethereum Gas Fees Drop

[Tigerheart3026]

How much should be charged on average to transfer $100 worth of Ethereum? Few days ago I transferred $100 and the fees wasn't up to $2..!!

Dude, yesterday i transferred over 200$ by used gas fee below 2$ yeah now it's possible in Ethereum Chain.
It's a lowest cost ever i made a transaction in ETH network and maybe i experienced after a few years but i think it can increased anytime again.

[1715446117]

1715446117

[1715446117]

1715446117

[Ceyflix-Rez]

I couldn't tell the difference using trust wallet, it's been weeks that I've noticed that trust wallet ETH gas fee is always high even when others like coinomi and metamask have low gas fee, presently in trust wallet you need 7$ to send 10$ USDT, this is a big let down for trust wallet

[DarkDays]

The drop of gas fees might be the reason why Ethereum is sustaining from $1800 to $2600.

That's a good news for us and those who have been problematic with the fee can now set their fees lower. I've done my transaction already and it's good to see that I didn't rushed to do my transaction.

And waited until the network settles the fees and sets it lower.

Yup, agree with the fees being so much lower the transactions on ETH are much higher. The fees have made it such that normal people can transact without having to spend hundreds in fees.

Nevertheless, the situation still calls for a much faster need to speed up the improvements on the blockchain. We need ETH v2.0 as scalability on the network is posing a huge problem.

[onecall123]

ETH has made huge gains this year, alongside gas fees was insane at some moment. But, right now the Ethereum gas fees incredibly low, and it keeps maintaining the downward trend. Of course this is good sign and yes i'm quite satisfied that improvement is going on. Earlier, Vitalik Says He’s “Very Confident” Ethereum (ETH) Fees Will Drop. So,this is inevitable to happen.

[casperBGD]

Why are the prices higher on Defi platforms, isn't it up to ethereum and not the platform?

I just looked at depositing in a lending pool and it gave an estimated price of 0.00834ETH which is ridiculous. I did not continue and am not sure if there would have been another fee after that?
And then more fees when withdrawing?

it is Ethereum, but it is an interaction with smart contract, when you just send Ether to another address, there is no interaction with smart contract, and lower amount of gas is needed for transaction

basically, it is 21k Gas needed to send Ether to another address, and could be around 200k Gas for DeFi deposit in landing pool (ten times gas needed, ten times transaction cost), and when you set your gas to any level (20 during this low gas times), you pay:
- around 420k for send Ether transaction
- around 4.2M for smart contract interaction

[Dr.Osh]

well, so far the fees are still very low, even the highest is 24 gwei, or around $ 1.36. I know that Vitalik must have thought that BSC was very threatening for ethereum position. if it doesn't take action, it will be very difficult to take its place. if it's like this, then I think the development of crypto will be a step further. I think BSC and ETH are almost in the same position. I'm pretty sure that there are many other projects that want to build technology like them.

[TWW]

I just saw it at the eth gas station and I was shocked. a very far from what we've seen so far.
will it return to its heyday with the ever-increasing adoption of the ethereum blockchain? because the BSC is already gaining momentum for very low transaction fees.
Honestly, this is very encouraging for ethereum token lovers who will have no trouble with transaction fees that have been limiting ethereum token traders for a long time.

[Scripture]

It is a good Sign and great effort of ethereum, this is what everyone was waiting and everyone want , I was personally waiting for this to Done my Pending Transactions.

Is this the result of the update or because of the market sentiment?
I'm shocked right now to see the fees and thinking how much money I waste during its peak season. ETH is moving accordingly now and its good that they do their best to lower the fees on their congested network, this should not be temporary because ETH network is still great.

[Vishnu.Reang]

I don't understand why people get so excited with a small temporary fluctuation in the ETH gas fee. I am 100% sure that the fee levels will be back to previous high rates within a few days. Scalability is an issue with many of the cryptocurrencies and Ethereum is not an exception. And to divert the discussion about high fee levels, the developers have constantly relied on the discussion about ETH 2.0. Personally, I don't think that ETH 2.0 is going to resolve the fee issue. It is just a diversionary or delaying tactic.

[goaldigger]

I don't understand why people get so excited with a small temporary fluctuation in the ETH gas fee. I am 100% sure that the fee levels will be back to previous high rates within a few days. Scalability is an issue with many of the cryptocurrencies and Ethereum is not an exception. And to divert the discussion about high fee levels, the developers have constantly relied on the discussion about ETH 2.0. Personally, I don't think that ETH 2.0 is going to resolve the fee issue. It is just a diversionary or delaying tactic.

Don't be pessimistic, that update is not done yet so let ETH team work on this matter and this temporary gas fee drop should be taken advantage, this can be a one time drop for ETH but still, this is a good news. Everyone who are using ETH network are excited because they can save a lot of money now, who will be sad on this kind of fees drop?

[danherbias07]

I don't think it's stable. Even as I write this, the highest price of gas is 60 GWEI, and the lowest is 45 GWEI. however, I agree if we say that ethereum fees are already low if we withdraw on average up to 2 or 4 weeks. however, ethereum fees can also be low even within a few hours, but become expensive again in a few moments.

The time that the OP posted was just a lucky time. Because when you check the ethgastracker now, it is bit high again. But compared to previous months, this is already a very good deal. Maybe it will further reduce this coming July for the EIP 1559 implementation.
~
So for those who are waiting for moments like what the OP posted, you should frequently check the gas tracker site - https://etherscan.io/gastracker

Oh darn. I guess I'll just wait for the lucky time again. Some of my tokens are still there because I cannot get it out due to the transaction fees.
I had been meaning to try and get it out but I just can't and even the deposit fees from one exchange to Metamask is high.
It's still good news though, we are seeing a bit of hope that it will go back to old times.
I was just wondering if the reason could be the traffic jam was cleaned up due to a lower frequency of transactions. People had been switching to BSC like their new highway with cheap fees.

[hongus]

   It seems to me or the market froze ..... Is it really possible to sell coins on a unic today without losing a lot of money on each transaction! $ 8 ok. I am ready to work with such a market. As they say, the Chinese miners were to blame for everything. Overloaded the network)

[bakasabo]

Dont you think that Ethereum transaction fees has dropped down only because the market is calm now? We see that during almost 2 weeks Bitcoin price has not changed at all. Bitcoin transactions are also cheap and quick right now (mempool is quite empty right now) Same is with altcoins. There are simply less trades happens on the market, that is why fees are low. Just remember when there is a rush on the market how high fees are.

[WalkerIVIV]

I can imagine what will be happening when ethereum 2.0 will be fully implemented and the transaction fees can be reduced into the less than $1 for each transaction applied for ERC20 token.
I hope that this day will remain forever and i can interact with the various defi on ethereum chain with cheap transaction fees.
$1 for any ethereum transaction and that's very cheap in my opinion.

[Republikcoin.com]

I can imagine what will be happening when ethereum 2.0 will be fully implemented ...

Low transaction fees will only have an impact on the density of transaction activities in the initial month, while the transaction density in the following month will be normal. We think of this as the accumulation of pending transactions by all users who disagreed with the fee at that time.

The issue of fees is actually only the object of people's conversation at this time, expensive fees are not necessarily the main problem of the Ethereum network, it appears that the price of Ethereum rose sharply during the last season, where transaction fees at that time were also expensive.

[bitzizzix]

All because of the complaints of Ethereum holders for middle to lower class holders who complain about the very high gas costs, and finally the gas costs are lowered and this is good news for everyone.
because many who own small Ethereum chose to hold it and wait for the Gas cost to go down including me, and now I am relieved and if there is another Gas cost drop I will sell it while waiting for Ethereum to go up again and hopefully it won't be temporary.

[livingfree]

The drop of gas fees might be the reason why Ethereum is sustaining from $1800 to $2600.

That's a good news for us and those who have been problematic with the fee can now set their fees lower. I've done my transaction already and it's good to see that I didn't rushed to do my transaction.

And waited until the network settles the fees and sets it lower.

Yup, agree with the fees being so much lower the transactions on ETH are much higher. The fees have made it such that normal people can transact without having to spend hundreds in fees.

Nevertheless, the situation still calls for a much faster need to speed up the improvements on the blockchain. We need ETH v2.0 as scalability on the network is posing a huge problem.

I agree.

The ETH dev team should make it quicker to implement things that they have to implement to improve the network and scale it.

I'm looking on the side of miners, I've seen that they're not liking the drop in fees because the result of it, the rewards for them are dropping too.

[BlackFor3st]

It's not surprising, the only reason why the price increases is when the demand in transaction increases or if the blockchain is crowded right now due to the crash of the market it's not surprising that the price of the gas will drop well that's always what happen not only in Ethereum but also in other crpytocurrency just like Bitcoin.

I remember a few weeks ago the gas reaches $200 or more, that's really ridiculous.

[laohe628]

Anyway, Ethereum gas fees drop is a good thing for those people need to transfer in ETH chain, but I think the gas fees will still be high in the future when the transaction of Ethereum is congested.
Haha, maybe this is just i still don't have much faith in ETH2.0.

[mobtc]

This is good news for me，I can transfer the coins in the wallet to the exchange to sell.
I hope that the gas can continue to decline. That would be better news. Is the era of ETH 2.0 coming?