Ethereum's average gas fees have dramatically decreased by 95% in the year following the Dencun upgrade, a significant network enhancement implemented on March 13, 2024. Data from YCharts indicates a drop from 72 gwei to just 2.7 gwei as of March 12, 2025. Transaction costs have also seen a sharp decline, with average swaps now costing $0.39 compared to $86 last year, and NFT sales averaging $0.65, down from $145.
Despite these improvements, the price of Ether (ETH) has fallen by 53% since the upgrade. On March 13, 2024, ETH traded above $4,070, but as of March 13, 2025, it is valued around $1,891, according to CoinGecko.
Ethereum's next major upgrade, Pectra, recently faced testnet issues on Sepolia, but developers have since stabilized the network. While Pectra aims to further reduce costs and increase execution capacity for layer-2s, some industry experts believe it may not fully address Ethereum's broader challenges.