Ethereum Gas Fees Plunge by 95% Since Launch of Dencun Upgrade

A noteworthy shift in the Ethereum ($ETH) ecosystem has surprised the crypto market with a 95% dip in gas fees. As per Satoshi Club, a group of crypto enthusiasts, the Ethereum ($ETH) gas fees have recorded a 95% slump since the Dencun upgrade’s launch back on March 13, last year. The purpose of the respective upgrade was to improve scalability as well as minimize transfer costs in the case of L2 networks.

In line with the market data, Ethereum’s average gas fee has dipped from 72 gwei to only 2.7 gwei over the year. This massive decrease in Ethereum ($ETH) gas denotes the development for which the whole crypto community has been waiting for a long time.

Ethereum ($ETH) Sees a 95% Decline in Gas Fees

As per the market data, the average cost of a swap was $86 before the Dencun upgrade. Additionally, the sales of non-fungible tokens cost $0.39 on average.

On the other hand, a significant reduction has taken place in comparison with these figures. Hence, the average cost of a swap is $0.39 while an NFT sale costs $0.65. This points out considerable cost-effectiveness and efficiency for the Ethereum users.

Upcoming Pectra Upgrade Promises Further Cost-Efficiency

According to Satoshi Club , the 95% decrease in Ethereum ($ETH) gas fees is a significant step in the blockchain network’s journey to boost cost efficiency. Another crucial development to take place in this respect is the Pectra upgrade.

It is anticipated to double the Ethereum ($ETH) ecosystem’s existing data capacity for L2 solutions, further decreasing transfer costs, and improving execution capacity.