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Due to the increase in L2 network active level, Ethereum transaction fees hit the lowest point since the merger event

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2024-05-11 00:04:48
On May 11th, the average transaction fee on Ethereum reached an all-time low as more and more activity moved to the L2 network on the Ethereum chain. Ultrasound.money data shows that the average gas fee on Ethereum has dropped to 4.81 Gwei, the lowest level since the network completed the merger event in 2022. Market watchers attribute this decrease to the increase in the active level of the L2 network after the completion of the Dencun upgrade. The Dencun upgrade has greatly reduced the fees of the L2 network.
Blockchain analytics platform IntoTheBlock reports that more and more transactions are now being settled on Ethereum L2. Last month, transactions on the three top L2s accounted for 82% of all Ethereum transactions, a record high.
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