According to U.Today, the average gas fee on the Ethereum network has reached 6 Gwei, marking the lowest level since January 2020. This significant drop in fees has made all on-chain operations on Ethereum extremely cost-effective. The base fee for Ethereum is at record lows, and the blob fee, introduced after the Dencun upgrade, has not yet entered price discovery and remains at zero.
Users can now swap assets with a $5 commission, and cross-chain bridging is available at $2. For $9, users can mint non-fungible tokens on Ethereum. In terms of USD-denominated gas fees, today's prices are the lowest in six months. The last time the USD price for Ethereum gas was this low was in November 2023. This drop can be attributed to both the effects of the Dencun upgrade and the low on-chain activity on Ethereum.
Since the activation of Dencun in mid-March 2024, the USD-denominated Ethereum fee price has dropped by 15x, from $30 to $2. Ethereum's founder, Vitalik Buterin, has proposed the next radical upgrade for the gas mechanism. The concept of multi-dimensional gas is expected to allow Ethereum to fine-tune how it manages different resources, potentially increasing throughput without risking safety. This is set to reflect the maturation of the Ethereum ecosystem and its usage.