Ethereum Network Gas Fees Plummet to Only 0.067 Gwei During Slowdown
Written by Ohris M. Greyoon, Blockchain & Crypto Expert
Gas Fees Drop: Ethereum layer-1 gas fees fell to 0.067 Gwei amid a market downturn, with average transaction costs for swaps at $0.11 and NFT sales at $0.19.
Concerns Over Low Fees: Analysts warn that excessively low fees could threaten the Ethereum ecosystem by reducing revenue for validators and miners, potentially leading to security issues.
Impact of Layer-2 Networks: The Ethereum Dencun upgrade in March 2024 significantly lowered fees, resulting in a 99% revenue decline for the base layer, as layer-2 networks compete for transactions.
Market Dynamics: Low transaction fees may indicate a shift away from Ethereum, as they are responsive to user demand, raising concerns about the sustainability of the network's financial model.
About the author

Ohris M. Greyoon
Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.








