Ethereum average gas fees drop 95% one year after the Dencun upgrade

Etherscan data shows that an average swap costs only $0.39 in fees compared to around $86 one year ago.

The average Ethereum gas fee has dropped by 95% in the year following the Dencun upgrade, one of Ethereum’s most significant network improvements.

On March 13, 2024, Ethereum’s Dencun upgrade was rolled out. The upgrade combined the Cancun upgrade on the execution layer and the Deneb upgrade on the consensus layer. It also introduced nine Ethereum Improvement Proposals (EIPs).

The primary goal was to enhance Ethereum’s scalability and reduce transaction costs for layer-2 networks. According to YCharts data, Ethereum’s average gas fee has fallen from 72 gwei in 2024 to just 2.7 gwei as of March 12, 2025.

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