On-chain data shows the average Ethereum transaction fee has recently dropped to $1.15, which is a new low for the year 2023 so far.

Ethereum Transaction Fees Has Registered A Drawdown Recently

According to data from the on-chain analytics firm Santiment, the fees on the ETH network have declined during the last few days. The relevant indicator here is the “average fees,” which keeps track of the mean fees (in USD) that users attach to their transactions on the Ethereum blockchain.

Generally, the amount of transfer fees that users may put forth depends on the degree of competition present on the network. When the mempool is congested, transactions may get stuck for a while as the blockchain only has a limited capacity to process the transactions.

Some senders hurrying to get their …