The price of sending transactions on the Ethereum network is at an all-time low since February 2020, with daily fees averaging below $500,000. While activity remains consistent around 1.2 million daily transactions, this change in economics represents a shift from high fees to lower costs on the blockchain. These record-low transaction fees are attributed to several factors including EIP-4844’s introduction of BLOB (big data) transactions, which allows cheaper storage for L2 solutions like Base, and increased popularity of Ethereum-based chains. 317.1 ETH in total transaction fees was recorded on April 6, 2025, marking a historic low since February 22, 2020’s previous record of 306.2 ETH. This decline in fees is advantageous for users, facilitating smaller DeFi transactions and daily transfers, while posing challenges to validators who rely more on Ethereum issuance instead of fee income, the publication reports. Other positive effects include a decrease in the amount of assets burned due to transaction fees, a reduction in new addresses registered, and a drop in available Ethereum supply on centralized exchanges. However, on May 7th, 2025, the Pectra update aims to further enhance user experience and network efficiency, according to reports.