Ethereum has surprised the market again — not with growth, but with a sharp decline. According to recent data, average gas fees on the Ethereum network have dropped to their lowest levels since late 2020. The primary reason: a noticeable decline in activity, with fewer users sending ETH and interacting with smart contracts.
During the height of the DeFi and NFT booms, transaction fees often soared to tens of dollars. Today, they’re hovering below $2.
At first glance, this is good news for users — the network has become more affordable. But at the same time, it’s a troubling signal: the market is cooling, decentralized applications are losing users, and even major projects are showing reduced activity.
Experts are divided: Some see this as the beginning of a mature phase in Ethereum’s development. Others warn of a decline in interest and rising competition from cheaper Layer-1 and Layer-2 solutions, including Solana, Base, and Arbitrum.
Either way, low fees are not just cost savings, but a signal of where the ecosystem is headed. So far, it remains quiet.
