In this post, we compare current and historical gas prices on the Ethereum network.
Today’s ETH Gas For Popular Transactions
24-Hour ETH Gas Prices
14-Day ETH Gas Prices
90-Day ETH Gas Prices
What Are Ethereum Gas Fees?
Gas fees are the fees paid to validators on the Ethereum blockchain network. In order to become an eligible ‘validator’ one must first stake cryptocurrency. The network chooses one staked coin at random from the pool of total staked coins to do the math required to validate the current block.
The more coins that are staked, the greater the odds a participant has of being chosen to validate the next block. These crypto participants are rewarded in crypto for their work.
In order to have a transaction verified and added to the Ethereum network, that transaction must first be validated. Different tasks require different amounts of gas. For example, a simple transfer of cryptocurrency may only cost a dollar, while deploying a smart contract to support a decentralized application (dApp) may cost thousands of dollars.
Generally speaking, gas fees are denominated in ‘GWEI’. This unit of measurement represents one billionth of one ether (ETH).