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According to the analytics firm Glassnode, the average gas fee on the Ethereum network has dropped to the levels last seen in Mid-2020.

Based on the report, the average gas fee on the Ethereum network is 26.939 GWEI, while the data provided by Etherscan.io also gives an average gas fee of 32 GWEI, which is similar to that of Glassnode.

Read Also: Ethereum Developer: Transaction Fees Hit Record Daily High of $89M in ETH, EIP-1559 would have burned $62M

Ethereum (ETH) Average Gas Fee Drops to Levels Last Seen in Mid-2020

The chart from Etherscan below shows the drastic drop in the average gas fees of Ethereum since mid-May.

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Ethereum (ETH) Average Gas Fee Drops to Levels Last Seen in Mid-2020

Also, the amount of daily transactions on the Ethereum network has dropped to mid-2020 levels as shown in the following chart provided by Etherscan.

The drop in the daily transaction count of Ethereum (ETH) has resulted in a similar drop in the daily ETH miners’ revenue which has reached a 3-month low.

Read Also: Ethereum Developer Shows How ETH 2.0’s PoS Would Save ETH Holders Tens of Billions per Year

Glassnode tweeted, “Ethereum ETH Miner Revenue just reached a 3-month low of $1,331,258.11. Previous 3-month low of $1,352,393.35 was observed on 30 May 2021.”

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Solomon Odunayo

By Solomon Odunayo

Solomon Odunayo is an accomplished blockchain and cryptocurrency expert at Herald Sheets, known for his in-depth analysis and engaging articles that cater to both beginners and experienced readers. With a degree in Computer Science from the University of Lagos, Solomon leverages his technical background and keen understanding of the crypto space to provide readers with valuable insights and up-to-date news. His passion for innovation and commitment to staying current with industry developments make him a trusted voice in the digital currency community.