Due to the increased activity in the L2 network, Ethereum transaction fees have hit a low point since the merger event

As more and more activities move to the Ethereum L2 network, the average transaction fee on Ethereum has reached a historical low. Data from Ultrasound.money shows that the average Gas fee on Ethereum has dropped to 4.81 Gwei, which is the lowest level since the network completed its merger event in 2022. Market observers attribute this decline to increased activity on the L2 network after completing the Dencun upgrade. The Dencun upgrade significantly reduced fees for the L2 network. Blockchain analysis platform IntoTheBlock reports that an increasing number of transactions are now being settled on Ethereum's L2. Last month, transactions on three leading L2s accounted for 82% of all Ethereum transactions, setting a new record high.