Median Ethereum Gas Price Drops to 5-Year Low As Daily ETH Burn Rate Plunges
The median price for executing a transaction on the Ethereum blockchain has fallen to a 5-year low as the daily amount of ETH burned also took a plunge. Ethereum’s median gas fees dropped to 1.9 gwei on Aug. 10, according to data from Dune Analytics . This is the lowest cost since mid 2019, and is also a 98% drop from the 83.1 gwei year-to-date high that was sent in March. Layer-2 Networks Process Far More Transactions Than Base Ethereum Chain Activity on layer-2 networks has been far more than that on the main Ethereum mainnet. Data from L2BEAT shows that Coinbase’s layer-2 chain, Base, processed over 109 million transactions throughout the past 30 days. This is substantially more than the 33 million transactions that the Ethereum mainnet facilitated during the same period. The number of transactions on Ethereum also dropped more than 5% in the past week. In contrast, Base’s transaction count rose over 9% in the last 7 days. Basefee right now at a multi year ...