Gas fees on Ethereum layer-1 plummeted to 0.067 Gwei, with a $0.11 average swap price and $0.19 NFT fee. Transaction fees peaked at 15.9 Gwei on Oct. 10 but dropped to 0.5 Gwei by Oct. 12. Despite a revenue decline for Ethereum, low fees could pose challenges for the ecosystem.

During the 2021 bull run, Ethereum transaction fees skyrocketed to $150+, but dropped significantly post-Ethereum Dencun upgrade in March 2024. Critics warn low fees are unsustainable, leading to financial and security issues. Ethereum’s reliance on layer-2 networks may cannibalize revenue and create competition within its ecosystem.

Read more at CoinTelegraph: Ethereum Gas Fees Drop Well-Below 1 Gwei in November