The Reason for the Decline of Transaction Fees on the Ethereum Network and ETH Reviews of Experts
The #Ethereum #network is "getting better".🔥
While the Ethereum (ETH) network was once untraceable , transaction fees have now averaged down to $ 2. According to #Etherscan data, the transaction fees on the Ethereum network range from $ 1.81 to $ 2.75, which can be said to have experienced an incredible decline in a short time.
🔥Significant Change in the Ethereum Network
Such a sharp decline in transaction fees in the Ethereum network has given life to the price again. The ETH price managed to hold on despite Bitcoin's sharp drop, and it soon saw a record of $ 2,600. ETH, which dropped to $ 2,200, is now moving towards $ 2,500 again.
It is known that the biggest update that will cause the transaction fees in the Ethereum network to drop significantly is actually EIP-1559. Before this development protocol, which will be activated with the London update, many investors did not expect such a decrease in fees in the network. The reason for this is seen as small changes in the network cause a big change.
🔥Sassano Explained: How Did Ethereum Transaction Fees Drop?
EthHub co-founder Anthony Sassano emphasized that there are 4 reasons for the decrease in transaction fees in the Ethereum network. According to Sassano, the 4 reasons why transaction fees in the Ethereum network decreased are:
An increase of up to 20% in the gas limit (block size) was achieved, allowing more transactions to be contained within a block.
There was a slight pause in the cryptocurrency market rally that has been going on for months, and transactions in the ETH network have thus decreased.
While the number of second-layer solutions, also known as L2, has seen a significant increase, they have succeeded in easing the burden of the ETH network.
The use of flashbots has increased and this has prevented the transaction fee increase due to the primary gas usage model known as PGA.
🔥Flashbots Were Effective
Ethereum developer "Stephane" recently emphasized that #Flashbots have saved up to 72% transaction fees on the Ethereum network. While in the old way users paid more ETH for their transactions to be confirmed, the situation has now changed and flashbots have certainly been effective.
The biggest change in the Ethereum network is predicted to be experienced this summer with the EIP-1559. ETH is trading at $ 2,469 as of the time this article was written and has reached a volume of $ 42 billion in the last 24 hours.