Ethereum gas fees, in the past few weeks, have been really low – below USD 3 per transaction. It has been at its lowest levels since July 21 when normally, fees would be $3 – $5 per transaction. The gas fees have been on a decline since mid-February 2022.
According to Santiment insights, low fees suggest very little activity or no one is interested to do anything. It outlined that a median-size transaction can reach $4 in gas fees. And this is very high. Five months ago, three or four-digit transactions cost about USD 20 – 100 in gas fees.
Santiment pointed out that DAI – an Ethereum-backed and second-largest stablecoin – velocity supports the notion of market participants’ little or no interest. Selorm Quaku, a crypto analyst, tweeted that the depressed gas fees suggest that interest in using the leading smart contract platform has declined significantly.
Moreover, gas fees for NFT sales on OpenSea have also been low. Data shows that the cost of an OpenSea sale could reach the highs of $10.63 and $10.20 as low. Uniswap has also recorded lows. However, it should be noted that Ethereum layer-2 solutions were already offering cheap gas prices. Arbitrum, more than a month ago, introduced Nitro in an effort to reduce gas fees by half.