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It seems that cost reduction on the Ethereum network has been achieved. Looking at last week's data, the number of transactions per day reached 2.2 million, but transaction fees have dropped to $0.17. This was unthinkable in previous cycles. In May 2022, the average fee was over $200.
The background of this change is the upgrades to Pecta and Fusaka. Especially in Fusaka, the gas limit was increased from 45 million to 60 million, boosting throughput by 33%. Since more than 50% of validators supported this through voting, the network's load balancing is likely working well.
User reactions are also positive, with new smart contracts reaching 8.7 million in Q4, and staking demand has also returned. The approximately twofold increase in ETH waiting to be withdrawn indicates a recovery in long-term trust. It seems that the efficiency of the Ethereum network is definitely progressing.