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Ethereum fees are at their lowest level since last summer

Ethereum fees are at their lowest level since last summer

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Answer Ethereum fees are at their lowest level since last summer

According to data provided by Santiment, the price of Ethereum gas has fallen to a level not seen since last summer.

Ethereum gas charges are measured in Gwei.

Users have to pay a fee in order to be able to perform any activity on top of the Ethereum blockchain.

Gas charges usually rise significantly when the network becomes very congested.

Earlier this month, Ethereum fees saw a massive increase due to the crash of Terra despite the fact that the price of Ethereum saw a significant drop.

After TerraUSD (UST) lost its peg to the dollar, users started moving more Ethereum-based stablecoins.

Circle’s stablecoins, Tether, USDT and USDC, briefly became the largest consumers of gas on the Ethereum network.

Read:Paxful Founder Suggests Satoshi Nakamoto “Burning” Bitcoin

Ethereum continues to face a host of criticism due to its high transaction fees.

Ethereum’s lack of scaling has led to the emergence of rival blockchain networks such as AVAX and Solana.

It is expected that Ethereum will solve the above problem with the help of a change in the hashing mechanism after the merger and the move to Ethereum 2.0.

Ethereum co-founder Vitalik Buterin had previously predicted that Ethereum 2.0, in which the switch from mining to a pooling mechanism would be, would be launched as early as August.

Aside from eliminating high gas fees, the merger is also expected to significantly reduce Ethereum’s energy consumption.

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