The average commission on the Ethereum network has dropped to 2020 levels? The average transaction fee size (7 DMA) on the second largest cryptocurrency network decreased from $2.57 to $0.77 per week - by 70%.

The last time such values were observed was in the middle of 2020.

The trend confirms the extremely low median gas price - at the time of writing around 0.86 Gwei.

According to Ethereum Gas Tracker, the average cost of a swap operation on a DEX is $0.89, and for cross-chain transfers is $0.29. 'Although fee reductions typically stimulate user activity, the extent of this decline, expressed in a prolonged decrease, indicates more of a general lack of demand than an increase in network efficiency, as confirmed by a recent slowdown in Ethereum blockchain activity,' noted analysts at The Block.

The volume of on-chain value transmitted (7 DMA) for the week dropped to $3.56 billion - more than 60% compared to the peak levels of early December.

Remind, in a recent essay, Ethereum co-founder Vitalik Buterin presented arguments in favor of increasing the gas limit. Earlier, developers discussed the possibility of accelerating upgrades to the second-largest cryptocurrency network.