Transaction Fees on ETH Network Decline to July Levels

Fees for executing transactions on the Ethereum blockchain have fallen to the levels of July last year coinciding with the current market cooling.

According to analytical companies Glassnode and Coin Metrics, after reaching an all-time high at $200 on May 1, the indicator fell sharply and now, a transfer of ETH from one address to another address costs about $0.53.

Regarding non-custodial exchange Uniswap and NFT marketplace OpenSea, the cost of operations on these platforms is about $4-5, whereas the transfer of tokens based on the ERC-20 standard will cost users a bit more than $1.

In turn, the decrease in fees has been directly reflected in the income of Ethereum miners, which has also fallen to last year’s levels.