Ethereum fees fall by 50%: Are Layer 2s taking over?

has long been known for its high transaction fees. However, there has been a recent shift in this trend, with the average fee on the network seeing a significant decline.

Comparatively, just in March, the average fee exceeded $15, with burnt fees totaling over $35 million.Comparing this figure to previous weeks, it was evident that fees have halved.that such fee fluctuations typically correlate with market cycles, rising during price peaks and falling during market downturns.Examination of user numbers on L2s revealed growth over the past few months, surpassing 4 million users at present.

While it briefly touched the $4,000 mark in March, it has since retreated from that level. Also, there was a period in April when it dipped below the $3,000 threshold.

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Ethereum's Dencun Upgrade Lowers Costs on Layer-2 NetworksEthereum successfully implemented the Dencun upgrade, resulting in reduced costs on Layer-2 networks. The upgrade has led to increased activity and decreased gas fees for new users. Polygon and Base emerged as the top performers in terms of transactions, with Base generating higher fees. Additionally, BRETT's price has surged by 79.18% in the last 30 days.
Source: CryptoAmb - 🏆 22. / 68 Read more »