The median gas price on Ethereum's mainnet on Saturday fell just below 3 gwei, a level that hasn't been seen since 2020, in a significant sign that Ethereum's Layer 2 networks may in fact be helping to ease the cost of sending a transaction on the world's second most valuable blockchain.
However, after the Dencun upgrade went live on Ethereum on March 13, bringing "blobs" to Ethereum and reducing the cost of sending transactions on Layer 2 networks, the median price of gas has steadily declined. Other than the halving, one possible reason for the low profitability could be the low number of new wallets entering the Bitcoin ecosystem; the seven-day average of new Bitcoin wallets is currently at its lowest level since 2018, six years ago.
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