Ethereum Average Network Fees Drop to Lowest Level Since May 2020
According to the latest report from on-chain analysis platform Santiment, due to a slowdown in blockchain activity, the average network transaction fees for Ethereum have fallen to the lowest level since May 2020.
Santiment’s Marketing Director Brian Quinlivan noted in an article published on April 17 that the current average transaction fee for Ethereum is approximately $0.168, closely related to the recent decrease in on-chain activity. Brian Quinlivan explained:
Market Watching, Price Under Pressure
From a transaction perspective, low fees do not necessarily indicate that the coin price has bottomed out, as traders are still observing the uncertainties in the overall economy and geopolitical landscape, and have yet to regain their previous active trading rhythm. According to data from CoinGecko, Ether (ETH) has fallen over 12.5% in the past 14 days and is currently consolidating around $1,600, with no significant fluctuations in the past 24 hours.
Brian Quinlivan added:
Pectra Upgrade Approaching
The highly anticipated Ethereum Pectra mainnet upgrade has been delayed due to configuration errors during the testnet launch process and interference from unknown attackers, but it has now been confirmed to officially go live on May 7.
The name “Pectra” combines the execution layer’s “Prague” upgrade and the consensus layer’s “Electra” upgrade, aiming to advance features such as account abstraction, increase staking limits, and enhance blob quantity limits to strengthen Rollup performance.
Reference: Related report: “Ethereum Founder Vitalik Hints at Accelerated Future Hard Fork Upgrades”
