ETH GAS PRICE

Determining the Base Fee 

Base fee: This refers to the minimum amount of gas required to include a transaction on the Ethereum blockchain. 

The Base Fee is determined by the Ethereum network rather than being set by end-users looking to transact or miners seeking to validate transactions. The Base Fee targets 50% full blocks and is based upon the contents of the most recent confirmed block. Depending on how full that new block is, the Base Fee is automatically increased or decreased.

For example:  

• If the last block was exactly 50% full, the Base Fee will remain unchanged. 
• If the last block was 100% full, the Base Fee will increase by the maximum 12.5% for the next block.
• If the last block was more than 50% full but less than 100% full, the Base Fee will increase by less than 12.5%.
• If the last block was 0% full – that is, empty –  the Base fee will decrease the maximum 12.5% for the next block.
• If the last block was more than 0% full but less than 50% full, the Base Fee will decrease by less than 12.5%  

This new mechanism is meant to help smooth transaction fees and prevent sudden spikes. The most important thing to keep in mind when it comes to the Base Fee: it is 100% automatic and readable directly from the network. 

The highest gas price ever observed was $196.683 in May 2022. 

The much-awaited Bored Ape Yacht Club “Otherside” metaverse land sale began, and its popularity just about wrecked Ethereum for everyone else. Gas fees, which increase based on network congestion, spiked to shocking levels, as high as 5,100 Gwei.

https://etherscan.io/tx/0xf6f0ee20b4fb0ce054546cff512ce94a996ff270b49bd6a4b4369a1ca1295e50