The delayed transition to PoS has not prevented Ethereum fees from decreasing
The gas fees charged to perform transactions on the Ethereum network are discouraging many Ethereum users. To solve this problem, a year ago Ethereum developers suggested switching to the Proof-of-Stake algorithm. It is believed to be more energy-efficient than the current Proof-of-Work model and could lead to lower gas prices on the network.
When the Kintsugi test network went live on December 20, Ethereum said the move to PoS would be delayed until June 2022. However, despite this, gas charges on the network are already coming down. Over the past seven weeks, the average price of transaction fees has fallen 67%, from $62 on Nov. 9 to $20.61 on Dec. 27.
As of December 27, the median fee on the Ethereum network was $20.61 or 0.0051 ETH. The median ether fee for the same period was also down 70%.
