Ethereum Records Lowest Gas Fees Since 2016, Redefining Blockchain Economics

On June 30, 2024, a historic milestone was reached for Ethereum: the network recorded its lowest gas fees since 2016, a piece of news that resonates

On June 30, a historic event occurred in the crypto world: the Ethereum network recorded its lowest gas fees since 2016. This news, which seems to have gone unnoticed by the mainstream media, is like an earthquake in the crypto ecosystem. Indeed, this phenomenon is occurring in a context of high transactional activity, which makes it all the more surprising. It is a complete reversal of the situation during the NFT bubble in 2021, where massive demand in this sector pushed transaction fees to new heights, leading some analysts to explore more affordable alternatives like Solana.

According to Dune Analytics, the average gas fee on the Ethereum network on June 30 was 3 Gwei, or about 0.14 dollars. This marks the first time since 2016 that the average gas fee has dropped below 4 Gwei.

This drastic decrease in gas fees is mainly due to a series of technological improvements. First, the efficiency of the layer 1 market has increased significantly. Moreover, the integration of layer 2 volumes has also contributed to reducing the pressure on the main network. Finally, the introduction of “blob transactions” with EIP-4844 has played a crucial role in increasing the network's scalability. These innovations have made it possible to carry out transactions smoothly while keeping costs to a minimum, a technical feat that is redefining Ethereum's capabilities.

This reduction in transactional costs could have several implications. First, it could revitalize Ethereum's appeal to crypto developers and users, especially those who had migrated to more economical alternatives. By making transactions more affordable, Ethereum once again positions itself as a preferred platform for decentralized applications (dApps) and daily transactions, potentially increasing adoption and innovation on the network.

This development also has significant implications for the network's security. Historically, high gas fees served as a protective mechanism against denial-of-service (DDoS) attacks by making attacks costly. With the decrease in fees, it is crucial that the scalability and efficiency improvements introduced by recent updates are sufficient to maintain network security against a potential increase in attacks.

From an economic perspective, the decrease in fees also means that the second-largest crypto by market capitalization is becoming less deflationary than before. With the amount of fees burned being reduced,彙整好的文章內容如下：output: A historic event occurred in the crypto world on June 30, as the Ethereum network recorded its lowest gas fees since 2016. This news, which seems to have gone unnoticed by the mainstream media, is like an earthquake in the crypto ecosystem. Indeed, this phenomenon is occurring in a context of high transactional activity, which makes it all the more surprising. It is a complete reversal of the situation during the NFT bubble in 2021, where massive demand in this sector pushed transaction fees to new heights, leading some analysts to explore more affordable alternatives like Solana.

According to Dune Analytics, the average gas fee on the Ethereum network on June 30 was 3 Gwei, or about 0.14 dollars. This marks the first time since 2016 that the average gas fee has dropped below 4 Gwei.

This drastic decrease in gas fees is mainly due to a series of technological improvements. First, the efficiency of the layer 1 market has increased significantly. Moreover, the integration of layer 2 volumes has also contributed to reducing the pressure on the main network. Finally, the introduction of “blob transactions” with EIP-4844 has played a crucial role in increasing the network's scalability. These innovations have made it possible to carry out transactions smoothly while keeping costs to a minimum, a technical feat that is redefining Ethereum's capabilities.

This reduction in transactional costs could have several implications. First, it could revitalize Ethereum's appeal to crypto developers and users, particularly those who had migrated to more economical alternatives. By making transactions more affordable, Ethereum once again positions itself as a preferred platform for decentralized applications (dApps) and daily transactions, potentially increasing adoption and innovation on the network.

This development also has significant implications for the network's security. Historically, high gas fees served as a protective mechanism against denial-of-service (DDoS) attacks by making attacks costly. With the decrease in fees, it is crucial that the scalability and efficiency improvements introduced by recent updates are sufficient to maintain network security against a potential increase in attacks.

From an economic perspective, the decrease in fees also means that the second-largest crypto by market capitalization is becoming less deflationary than before. With the amount of fees burned being reduced,

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