The Ethereum network (CRYPTO: ETH) has slashed its transaction fees by 70%, leading to speculation about a potential surge in its price.
What Happened: The Ethereum network’s transaction fee has seen a drastic fall over the week from $23 million to $7.5 million per day. This comes at a time when the blockchain is undergoing major transformations, with two key updates, Pectra and Fusaka, scheduled to roll out in April 2025, according to a report by Cointribune.
The fee reduction is due to a higher gas limit, enabling more transactions to be processed per block. Previous fee reductions in 2021 and mid-2023 triggered a boost in network activity, as evidenced by a rise in active addresses and …
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