Ethereum transaction fees stay near $0.01 despite activity reaching 1.6 million daily transactions

Ethereum transaction fees averaged $0.01 on Tuesday as the network processed 1.6 million daily transactions, the highest activity level since early October, according to blockchain analytics platform Milkroad.

Despite the surge in usage, gas fees remain near record lows following major scalability upgrades earlier this year.

Average fees currently sit at 0.16 gwei, with token swaps costing around $0.15 and NFT transactions averaging $0.27—a stark contrast to previous bull markets when fees regularly exceeded $50 per transaction.

These figures mark a major contrast to previous market cycles when Ethereum transaction fees spiked dramatically during periods of high demand one of the blockchain’s most criticized limitations in earlier years.

Ethereum activity rises amid stable fees

Daily transactions climbed to 1.6 million on Tuesday a level not seen since early October before the record $19 billion liquidation event. Similarly, active addresses reached a monthly high of 695,872 on Saturday according to data from Nansen.

The current stability in Ethereum transaction fees comes in the wake of major scalability upgrades notably Dencun and Pectra both aimed at lowering costs and increasing throughput.

Deployed in May, the Pectra upgrade doubled the blob capacity for Layer-2 (L2) networks reducing Ethereum transaction fees on L2s by approximately 50%. This enhancement further shifted transaction load away from the mainnet easing congestion and maintaining low gas prices.

Meanwhile, the Dencun upgrade launched on March 13, 2024, has been pivotal in making Ethereum transaction fees cheaper by as much as 95%, according to Cointelegraph. Dencun’s innovations helped offload more transactions to L2 networks keeping mainnet costs stable even amid increased activity.

With Ethereum transaction fees at historic lows the network appears to be entering a new era of efficiency one where scalability and affordability can finally coexist without sacrificing decentralization or security.