Ethereum Gas Fee Now is Below 1 GWEI ($0.05)

X-ray

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Quote from: DiMarxist on August 22, 2024, 04:52:09 PM

When the gas fee is low then investing in Ethereum will not be a waste again and it will make people to invest more. Because of the high transaction and gas fee, many people were investing in Ethereum have left the coin to another altcoins that more profitable because when they invest in Ethereum. The gas fee was very high and the Ethereum price in the market was not encouraging.
So they left the project because there was no profit in it. And now that the fee is low then investors will come back again.

with the presence of protocol like layerzero though, most of the project already allowing investment from L2 which I think won't make any investors who invest in ETH come back to ETH mainnet unless really need to.
so I think the TVL of ETH will remain the same, spread across various L2s but since at the end of the day they are holding ETH, I guess it can help raise price of ETH regardless.

but what I find intriguing is, since the fee is pretty much low in ETH

I think it could attract the meme trend to come back to ETH again.

DiMarxist

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When the gas fee is low then investing in Ethereum will not be a waste again and it will make people to invest more. Because of the high transaction and gas fee, many people were investing in Ethereum have left the coin to another altcoins that more profitable because when they invest in Ethereum. The gas fee was very high and the Ethereum price in the market was not encouraging.
So they left the project because there was no profit in it. And now that the fee is low then investors will come back again.

Cryptoababe

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I don't really know the reason behind this. But I think Ethereum at this amount of gas price is very great. Many users I've been chased away due to high gas fees. Lots of transactions pending and so on.. I think this low gas fee will also help the success of some projects on the Network

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Quote from: X-ray on August 18, 2024, 08:08:19 PM

and there were no significant decrease in daily tx which I think ethereum kinda successfully solved the scalability problem.

maybe their strategy to offload transactions to L2 is a huge success.

but to be fair, in this past few weeks there were rarely any airdrop claiming in ETH that could cause fee spike so it can also contribute to the massive decrease of ethereum fee.
just wait until some big airdrop coming in that causes so many people to execute contracts and we'll see how good ETH blockchain could overcome that.

Yes because most new projects that are making the wave in the market currently are all build on the L2 solana network, which have house tons of memecoins that have made the ethereum network to be allowed to freerer and possibility of no surge that could affect the transaction speed and fees, because the gas fees are high when the traffic within the network is high.

But recent airdrops and tokens activities have not really adopted the network, so we may be seeing more effects of their development, because their have been alot of noise around ethereum with development and migration of network all in a bid to eradicate the problems of high gas fees within the ethereum network.

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Quote from: DiMarxist on August 18, 2024, 11:54:51 AM

It is about 5 years now, according to Ethereum Blockchain analysis, Ethereum transaction fee has not reduce to this level. And this is the lowest since 2019. And many investors left Ethereum Bec the transaction fee was very high. I saw this information from a local Cryptocurrencies pulse news on telegram but when I made an research online, I didn't see it. And as for me this is good news because many people have been complaining about their network congestion and because of that they can't buy and those who bought also loss.
So I will like to know from you if you have seen such information.

I can't believe that we have actually seen this, it's really incredibly how low it got and that's not always a great thing. Think about it this way, we are talking about something that is dropping because ETH is not used as much as it should be or it used to be. Back in the day when it was used a lot, the reason why it was used a lot was because there were many projects using this network.

These days they all use sol or ton, which means that ETH is not getting as much, which results with low transaction fee. In the end, I feel like this is going to be something quite fun, and we are going to see something that will make a great return in the end to ETH if you ask me. The reason why people moved was because ETH was expensive, now that it's cheap again, we may see some projects at ETH because it's cheap and that could be a very fun thing to do.

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To be fair ETH network was never built for this magnitude when it first started out and they have to just accept that already. When they first started out, and even with that period when they diverge ways from ETC, it was never really made for something this big and they got way too big and way too quickly which is why they are not that great anymore. It's just the reality that we are seeing a period when it is not really that easy to understand and because of that it is going to be tough deal.

We just need to hope that it can get great results and because of that it can do fine, we just can't hope for the best at all times. ETH will keep on being expensive the moment it is used, and the worse deal is that if it isn't used like old days then the price will go down. You can't keep the price of ETH high up, when the reality is that we are going to end up with bad results of network not getting used by any projects anymore, it is as simple as that.

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Quote from: Huppercase on August 18, 2024, 04:00:47 PM

Quote from: DiMarxist on August 18, 2024, 11:54:51 AM

It is about 5 years now, according to Ethereum Blockchain analysis, Ethereum transaction fee has not reduce to this level. And this is the lowest since 2019. And many investors left Ethereum Bec the transaction fee was very high. I saw this information from a local Cryptocurrencies pulse news on telegram but when I made an research online, I didn't see it. And as for me this is good news because many people have been complaining about their network congestion and because of that they can't buy and those who bought also loss.
So I will like to know from you if you have seen such information.

This is misinformation and I don't know what ethereum community or people who are spreading this information stands to gain or probably they all have their long position opened and want to pump their ethereum coins to make money from it but as I said earlier, it's very wrong to misinformed people or spread real information with no clarity to the people.

This is not like it's a permanent thing on ethereum network. The reason why this is all time lower since 2019 is because the activities on Ethereum network is lower and people are not excuting transactions like they do in bull run and just like Bitcoin transaction fees drop to 3-2 sats/vbytes, so is ethereum gwei. If larger transaction were to hit Ethereum transaction a time soon, be ready to go back to that way of transaction competition which is not favorable for many people. I can't spend my $100 in peace unless I pay $50 for a fee, that's how discouraging ethereum network operate.

Huppercase I think others have also confirmed that it is not fake and it is not a misinformation. Though I am not using it but others have said that it happened on Sunday too. Though I saw the information in cryptocurrency pulse news telegram channel which I tried to locate the link but non so I left it.

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Quote from: asriloni on August 18, 2024, 06:43:25 PM

It was not fake news. It happened yesterday. I think you're missing the moment when Ethereum reached the lowest GWEI. And this is the proof. It's posted by ICODrops.

Source : https://x.com/ICODrops/status/1825029249612284151

By checking the etherscan heatmap and from another source gas fee history I saw there's a drop below 1 gwei with average of 0.8gwei based on the heatmap.
So yeah it wasn't fake it happened last Sunday and Monday the lowest gas fee is 0.7 gwei according to the heatmap from 3rd party source but etherscan shows only 1gwei maybe the etherscan gas tracker can't maybe able to record below 1 Gwei but from other source the lowest is 0.7 Gwei.

Based on oracle history the fees spikes sometimes up to 10Gwei you just need to wait for opportunity to get lesser fee when it drop below 2Gwei cheaper but not stable.

X-ray

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and there were no significant decrease in daily tx which I think ethereum kinda successfully solved the scalability problem.

maybe their strategy to offload transactions to L2 is a huge success.

but to be fair, in this past few weeks there were rarely any airdrop claiming in ETH that could cause fee spike so it can also contribute to the massive decrease of ethereum fee.
just wait until some big airdrop coming in that causes so many people to execute contracts and we'll see how good ETH blockchain could overcome that.

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I am currently looking at the gas tracker by etherscan and it's true that it's already 1 gwei for a gas fee. It's sorted out this lie.

Low = 1.002 gwei

Average = 1.102 gwei

High = 1.425 gwei

That's pretty nice after long years of waiting for these gas fees to come down, they have now finally reached this point.

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Quote from: BitMaxz on August 18, 2024, 01:25:25 PM

According to etherscan the current average gas fee is 1.801 gwei and the cheapest transaction in USD is around $0.51 so how does it drop to $0.05?

Do you have a source where you read it? It might be a fake news.

I tried to search but I found 0.05eth transaction fee not $0.05.

It was not fake news. It happened yesterday. I think you're missing the moment when Ethereum reached the lowest GWEI. And this is the proof. It's posted by ICODrops.

Source : https://x.com/ICODrops/status/1825029249612284151

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Quote from: BitMaxz on August 18, 2024, 01:25:25 PM

According to etherscan the current average gas fee is 1.801 gwei and the cheapest transaction in USD is around $0.51 so how does it drop to $0.05?

Do you have a source where you read it? It might be a fake news.

I tried to search but I found 0.05eth transaction fee not $0.05.

Ops may have over blown the whistle, when he thought 0.05eth= $0.05, when I saw the thread notification I also rushed to check the current Ethereum gas fees and I discovered nothing changed, then I just concluded that the ops my not know what he is actually saying and may be he will come up withore clarity of this statement in his next comments, or he may just abandoned the thread because it obvious his fud did not market well here on bitcointalk since we as members do our own research before we take any claims that is put at our face here.

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Quote from: DiMarxist on August 18, 2024, 11:54:51 AM

It is about 5 years now, according to Ethereum Blockchain analysis, Ethereum transaction fee has not reduce to this level. And this is the lowest since 2019. And many investors left Ethereum Bec the transaction fee was very high. I saw this information from a local Cryptocurrencies pulse news on telegram but when I made an research online, I didn't see it. And as for me this is good news because many people have been complaining about their network congestion and because of that they can't buy and those who bought also loss.
So I will like to know from you if you have seen such information.

This is misinformation and I don't know what ethereum community or people who are spreading this information stands to gain or probably they all have their long position opened and want to pump their ethereum coins to make money from it but as I said earlier, it's very wrong to misinformed people or spread real information with no clarity to the people.

This is not like it's a permanent thing on ethereum network. The reason why this is all time lower since 2019 is because the activities on Ethereum network is lower and people are not excuting transactions like they do in bull run and just like Bitcoin transaction fees drop to 3-2 sats/vbytes, so is ethereum gwei. If larger transaction were to hit Ethereum transaction a time soon, be ready to go back to that way of transaction competition which is not favorable for many people. I can't spend my $100 in peace unless I pay $50 for a fee, that's how discouraging ethereum network operate.

JeromeTash

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I haven't used Ethereum in a very long time but checking out the Ethereum Gas tracker, yes indeed the transaction fees has dropped as compared to some time back. I hope exchanges also flow suit and drop those ridiculous withdrawal fees.

Furthermore, I also hope the trading fees via exchanges like uniswap won't be a nightmare anymore. This might lead to the death of some layer twos and Ethereum copycats.

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Quote from: royalfestus on August 18, 2024, 12:30:50 PM

I'm looking for evidence within the thread from those who have traded at such a low price. I've avoided trading on the Ethereum blockchain for quite some time, and I'm curious if there are others like me who might have reduced their transactions, potentially contributing to the drop in transaction fees.

Yes and that is why I brought this to know if anyone has traded or made some transactions with Ethereum network to know if the transaction fee is low as it is stated.
We should wait till tomorrow to see if anyone will comment that he or she has made transaction and the fee is low or still high.

BitMaxz

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According to etherscan the current average gas fee is 1.801 gwei and the cheapest transaction in USD is around $0.51 so how does it drop to $0.05?

Do you have a source where you read it? It might be a fake news.

I tried to search but I found 0.05eth transaction fee not $0.05.

royalfestus

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I'm looking for evidence within the thread from those who have traded at such a low price. I've avoided trading on the Ethereum blockchain for quite some time, and I'm curious if there are others like me who might have reduced their transactions, potentially contributing to the drop in transaction fees.

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Quote from: DiMarxist on August 18, 2024, 11:54:51 AM

It is about 5 years now, according to Ethereum Blockchain analysis, Ethereum transaction fee has not reduce to this level. And this is the lowest since 2019. And many investors left Ethereum Bec the transaction fee was very high. I saw this information from a local Cryptocurrencies pulse news on telegram but when I made an research online, I didn't see it. And as for me this is good news because many people have been complaining about their network congestion and because of that they can't buy and those who bought also loss.
So I will like to know from you if you have seen such information.

Really? it's good news for Ethereum tokens holders and for small investors, for the same reason i left from Ethereum for long time, i don't even remember the last time i made transaction in ethereum network. If now gas fee is 0.05$ it's even lowest from binance smart chain. Even i stopped to trade Eth based coins for several years ago just only for expensive fees.

moneystery

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it is a great thing that ethereum fees can reach this low point like now. because i still remember how ethereum fees skyrocketed and people were having a hard time to make transactions and delaying themselves to wait for the fees to go down further. but now you can check on etherscan and you can see how ethereum fees are very low, and hopefully it can stay that way forever.

DiMarxist

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It is about 5 years now, according to Ethereum Blockchain analysis, Ethereum transaction fee has not reduce to this level. And this is the lowest since 2019. And many investors left Ethereum Bec the transaction fee was very high. I saw this information from a local Cryptocurrencies pulse news on telegram but when I made an research online, I didn't see it. And as for me this is good news because many people have been complaining about their network congestion and because of that they can't buy and those who bought also loss.
So I will like to know from you if you have seen such information.

Topic: Ethereum Gas Fee Now is Below 1 GWEI ($0.05) (Read 175 times)