Ethereum Fees Reach Lowest Level Since Last Summer

According to data provided by Santiment, Ethereum gas prices have plunged to the level since last summer.

Image by @Barchart

Ethereum gas fees are denominated in giga wei (Gwei). Users have to pay them in order to be able to perform any activity on top of the Ethereum blockchain.

Gas fees usually get significantly higher when the network becomes too congested.   

Earlier this month, Ethereum fees experienced a huge increase due to the implosion of Terra despite the fact that the Ether price saw a huge decline

After TerraUSD (UST) lost its peg, users started transferring more Ethereum-based centralized stablecoins. Tether (USDT) and Circle’s USDC briefly became the biggest gas guzzlers on the Ethereum network.

The rollout of the new blockchain will also be accompanied by the launch of a new LUNA token. The old token will be called LUNA Classic in a nod to Ethereum Classic.

According to the distribution model presented in the proposal, 35% of the tokens will be distributed to pre-attack LUNA tokens. Ten percent of the token’s supply will be allocated to pre-crash UST holders. Post-crash LUNA and UST owners will get a 25% of the tokens. Snapshots were taken on May 7 and May 27 (before and after the project collapsed).

Kwon claimed that his main motivation was preserving the vibrant ecosystem behind the troubled project.

Nebula, Prism, and other projects have thrown their support behind Luna 2.0, but many remain skeptical.

Markus, for instance, has been highly critical of Kwon’s revival plan. Earlier this month, he said that Terra was “the stupidest thing” he had seen in his entire life.


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