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Ethereum transaction fees drop sharply

The crypto market correction isn’t all doom and gloom, and it brings some good news here and there.

By Finst News
• 1 min read
Ethereum transaction fees drop sharply

The correction in the crypto market isn’t all doom and gloom and there’s some good news here and there. Ethereum transactions are getting cheaper.

The average costs for transactions on the Ethereum network have recently fallen sharply. According to Bitinfocharts, a transfer on the smart contract platform recently cost on average $1.67. For comparison: in May of this year it was over $30 per transaction.

Ethereum's fee level has repeatedly been a source of fundamental criticism of the network. The reason for the sometimes immense fees is the large number of smart contracts and, recently, the NFT hype. The large volume of transactions stemming from that has pushed fees higher. The NFT hype has slightly cooled lately, which has also had a positive effect on the fee level.

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