Ethereum Gas Fees Hit Five-Year Low Amidst Price Surge

Ethereum’s gas fees have reached a five-year low, dropping below 1 gwei for a full week. According to reports by Wu Shuo, the median daily fee hit 0.396 gwei and 0.432 gwei on August 16th and 17th respectively. This remarkable decline coincides with Ethereum’s surge to new all-time highs. The fall in gas fees is attributed to improvements in network scalability and the increasing adoption of Layer-2 solutions. This affordability allows both everyday users and developers more opportunities to engage with decentralized finance, non-fungible tokens (NFTs), and smart contracts.