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.
The chart from Etherscan below shows the drastic drop in the average gas fees of Ethereum since mid-May.
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.
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.”
Previous 3-month low of $1,352,393.35 was observed on 30 May 2021
— glassnode alerts (@glassnodealerts) June 9, 2021