Traditionally, we start with the statistics. The average cost of interacting with the Etherium blockchain yesterday was the equivalent of $9.18. This is the lowest since August 2021. It confirms that there are noticeably fewer people using the network now - and that has a direct impact on its load and the cost of conducting transactions. Still, the fewer people using the blockchain, the less you have to overpay to get a transfer to the nearest blockchain.


Average commission on the Etherium network

At the same time, the record figure was recorded on May 12, 2021. The figure was the equivalent of $69.92, which is 7.6 times higher than the current figures.

Graph of the average commission on the Etherium network over the past year

What’s going on with Etherium?

The seven-day average ETH transaction fee is at its lowest level since last August. According to Decrypt, the figure has continued to fall since early 2022. Here’s a rejoinder from Arcane Research, with which he shares his view of what’s happening.

If you’ve been waiting for commissions to drop for token exchange or NFT issuance, now might be the time.

In other words, experts note that interactions with the Ethereum blockchain are much cheaper now than they used to be - as long as the ETH exchange rate was above the $4,000 mark. Accordingly, the current conditions may indeed be very suitable for transactions.

Average commission on the Etherium network

However, this does not mean that everything has become affordable again for regular users. For example, the cost of an Etherium-based token swap on a decentralised exchange is hovering around $15. A few months ago, such a transaction might have cost as much as $200, so the progress is clearly visible.

By comparison, other popular blockchains like Solana or Avalanche cost less than a fraction of a cent to conduct a transaction. With that in mind, experts have noted an increase in the amount of assets blockchained on those networks, and a drop in the corresponding Efirium figure.

The situation is clearly illustrated in the Galaxy Digital chart. Etherium is shown here in blue, followed by Terra and Fantom.

The volume of blockchain blockchain funds blocked

The decline in commissions is partly due to the fall in cryptocurrency values. The value of Etherium itself has fallen by almost 12 per cent in the last week and almost 15 per cent in the last month. As ETH is worth less, transaction fees calculated in it are becoming cheaper in dollar terms.

At the same time, there has been a serious drop in activity on an NFT token trading platform called OpenSea. Since reaching its all-time high, daily trading volumes on OpenSea have fallen by almost 72 percent, from $250 million to the current $70 million. This, too, is an important factor, as NFTs have become the main reason for the overloading of various blockchains in 2021.

Falling volumes on OpenSea

Meanwhile, transaction fees denominated in ETH are also at a six-month low. This indicates a decline in demand for network resources through some combination of declining interest and the growing popularity of roll-up and sidechain-type cryptocurrency scaling solutions. As we have noted, competing networks such as Solana and Avalanche are still far more attractive solutions in terms of fees.


We note that according to 2CryptoCalc's calculator, Etherium is still one of the most profitable cryptocurrencies for mining. Against this background, more than 103 thousand people are already mining the coin on the 2Miners pool. We recommend that you join mining, in addition you can also do it with a single video card.


Popularity of different cryptocurrencies at 2Miners pool


We think that the current situation with the Etherium network is quite logical. After all, fewer people are interacting with blockchains for the sake of making money, so the network's potential is less actively used. In hindsight, it is likely that the current period will indeed prove suitable for transactions that users wanted to deal with in the past.