- Ethereum’s transaction fees have remained ultra-low.
- The average transaction fee on the network as of May was $3.77.
- The fee has currently plummeted to below $1
Ethereum‘s transaction fees have remained ultra-low despite the price jump since mid-June. Ethereum’s transaction fees are still plummeting. This is after Ethereum’s largest layer 2 protocol Arbitrum launched a new chain that promises ultra-low-cost transactions together with the Scarcer circulation protocol.
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Arbitrum Rollup Chain is a major development for the Ethereum ecosystem, as it has helped to drive down transaction fees and make the network more scalable, as it is designed to be compatible with all existing Ethereum wallets and allows users to send transactions for just pennies.
This is good news for users of the world’s second-largest blockchain, as it means they are paying a smaller percentage of their transaction value in fees. It also suggests that Ethereum’s long-awaited scaling solution, Plasma, may not be needed as urgently as some had thought.
According to data by Bitinfocharts, the average transaction fee on the network as of May was $3.77. In June, the average fee went up to $6.16, and it now sits at below $1.
Scarce circulation has also however played a big role in the lower costs, and fees can be expected to remain reasonable until a fair degree of FOMO kicks in from the crowd.
The decreasing transaction costs come as a surprise to some, as it was widely expected that fees would go up as more users started buying cryptocurrency again after the market crash in March. However, Ethereum’s developers have been working hard on scaling solutions that would allow the network to handle more transactions without increasing fees.
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