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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

4 Key Factors Why Ethereum Gas Fees Could Get Cheaper

Reynaldo Marquez
Reynaldo Marquez
4 years ago
2 mins read
Ethereum ETH ETHUSD

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Ethereum has the biggest gains on the daily chart for the main cryptocurrencies by market cap. At the time of writing, ETH is up 4.9% and trades at $2.328,58. With sideways movement in the weekly and 46.7% gains on the monthly chart.

Ethereum ETH ETHUSD
ETH recovering on the daily chart. Source: ETHUSD Tradingview

More appreciation for ETH seems to be imminent. The network appears to be solving a “disadvantage” that has been leverage by its competitor to gain market share, high transaction fees. Data from EthGasStation indicates that a fast or standard transaction has a cost between 45 to 50 gwei.

As shown in the chart below, ETH’s gas fees are on a decline since April 20th. At that moment, this metric soared to an average of $37, their highest cost since February 2021. The trend appears to be reversing and the metric is close to its lowest point this year with an average cost of $10.22 per transaction.

Ethereum ETH ETHUSD
Source: ychart

Co-founder of EthHub, Anthony Sassano, believes there are 4 main reasons for fees getting cheaper: the increase in the gas limit (block size) by 20%, a cooled down on the crypto market, implementation of second-layer solutions, and the adoption of Flashbots. The latter seems to be playing a major role.

As reported by NewsBTC, Flashbots is an organization that develops tools to reduce and improved defends Miner Extractable Value (MEV). They are the opposite of Priority Gas Auction (PGA) since Flashbots have a positive effect on reducing gas’ cost. The organization defends a “transparent” MEV ecosystem.

As reported by pseudonym developer “Stephane” there is close to 72.22% of Ethereum hashrate has onboarded to Flashbots and their tools. Miners used them to maximize their rewards. This metric has seen almost a 15% increase over the past two weeks.

Ethereum ETHUSD
Source: Stephane (@thegostep)

The Future of Ethereum Gas Fees

The implementation of EIP-1559 with Hard Fork London has triggered a lot of discontent from the miner sector. Others have been dedicated to finding new ways to maximize their profits. As investor Spencer Noon said, Flashbots could become a backbone of ETH’s new fee market:

Been diving into the early #Flashbots data and *good lordy* $ETH miners just got gifted an incredible new source of revenue. ~5% extra revenue per block and that figure is only going to continue climbing. Few understand how profound an impact this has on $ETH’s security budget.

In addition, Ethereum investor Aftab Hossain believes EIP-1559 could reduce transaction biddings wars and stabilize fees costs. On top of this, some negative MEV strategies could become unprofitable to the benefit of Flashbots.

However, Hossain expects fees to be “scale back up” to current levels as Ethereum’s blockchain is used for more purposes. Therefore, increasing the demand, at least for the short term as sharding and new features on ETH2 are under development. Hossain said:

never mind the fact that L1 will still be used for a variety of tx’s because it has unique composable utility and value L2s may not be able to offer for some time.

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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