Its right that as I complained and ranted when the gas was high, I should update and tell you guys that the ethereum gas fee is really low now. I was shocked when I saw 13 GWEI today, I felt really good, this means that I won’t feel really sad when minting some NFTs on the ethereum blockchain. The high gas fees a month ago was probably due to all the memecoin tradings and minting which created more demand in the ethereum ecosystem and increased the gas fees. But then, the market has not been going great, we have been experiencing a lot of reds in the market, could that be another reason behind the low gas fees? People are not really demanding for Ethereum transaction, hence reducing the traffic and the gas fees.
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Ethereum is undoubtedly the chain with the highest gas fees, but one of the most utilised chains, I have spent over $200 in gas fees since I started minting and using the ethereum chain, its annoying considering there are other chains like Solana where I have not spent unto $1 in gas fees while minting NFTs and transacting. But ethereum is where the money seems to be in and airdrop projects like developing on the chain. I guess its because of the security. Anytime I think of gas fees and remember that on Hive transaction fees are free, I value the chain more and think of how underutilised it is.
Well, while we are here appreciating hive for its technology and feeless transactions, dont forget that this post was just a post to remind you that the ethereum gas fees is low now, hopefully we can be minting and transacting below $5, i still remember in 2022 when I was minting for $1 on the ethereum blockahin and I felt it was too expensive because I was used to minting on other chains for $0.1 or lesser. After experience a $17 gas fee price I have been praying for the $1 gas fee price back.