Ethereum Network Fees Drop to 1 Gwei on June 30, Lowest Since 2016

Jun 30, 2024, 05:37 AM

Ethereum has experienced its lowest average network fees since 2016, with gas prices dropping to as low as 1 gwei. According to Coinbase Director Conor, nine out of the ten periods with the lowest average fees per hour on the Ethereum network were recorded this week, all below 3.3 gwei. On June 30, at 4:00 UTC, gas prices fell below 2 gwei base fee plus 0.1 priority fee for multiple hours. This significant drop in gas prices has made certain smart contract attacks more profitable. Ethereum's lowest hour of average gas prices since November 2016 was recorded this week, with gas prices going as low as 1.1 gwei for a few blocks.