Users of Ethereum (ETH) have good news! The latest Dencun upgrade has made network utilization more effective than before. According to Etherscan, this has caused a sharp drop in gas prices, which are now at their lowest level since January 2020.
At the moment, on-chain transactions are extremely affordable. Cross-chain bridging only costs $2, swapping tokens only costs $5, and minting NFTs only costs $9. In terms of USD comparison, these fees are likewise the lowest in the last six months.
Two things are to blame for this notable decline. First off, the network was cost-effectively optimized with the Dencun upgrade. Second, the recent slowdown in the cryptocurrency market has reduced activity on the Ethereum (ETH) blockchain, which has further eased the pressure on gas prices.
The Dencun update has changed everything. USD gas prices have dropped dramatically by 15 times since its inception in March, from $30 to $2. As Ethereum (ETH) founder Vitalik Buterin suggests yet another update centered on gas efficiency, this trend is anticipated to continue.
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