On its way to mass adoption, Ethereum (ETH) has so far stumbled over the blockchain network’s extremely high transaction fees. The current transaction costs are only 0.0015 ETH or 1.57 US dollars, which is the lowest value since December 2020. From January 2021 to May 2022, the average “gas fee” for processing a transaction on the smart contract platform amounted to just under 40 US dollars accordingly. On May 1, 2022, the (inglorious) high of 196.638 US dollars was even recently on the tableau.

Most recently, NFT sales fell to a two-year low, which is indirect evidence of an organic downturn in transaction costs.