Ethereum Gas Fees Hit 5-Year Low Amid L2 Growth

Ethereum's Gas Fees Decline Significantly

Ethereum, widely known as the second-largest cryptocurrency by market value, has experienced a substantial decrease in its transaction fees, also referred to as gas fees. As of August 10, these fees have hit a five-year low of 1.9 gwei, based on data from Dune Analytics. Notably, low-priority transactions, which are typically processed within ten minutes, have been priced at an astonishing 1 gwei.