Gas fees are finally coming down

Ethereum (ETH), the second cryptocurrency, is often criticized for its high transaction fees (gas).

But that appears to be changing at least on an average level, as transaction fees have fallen for six consecutive weeks.

Average gas fee drops 50% in less than two months:
According to data shared by third-party trackers, Ethereum (ETH), the dynamic commission charged on all Ethereum and ERC-20 transactions, has decreased since late October.

The last peak was recorded on October 28, 2021, at over 190 atmospheres.

As such, the average Ethereum transaction fee has lost more than 50% since the last spike.

Ethereum (ETH) gas fee dynamics are usually associated with the activity of holders of Ethereum and other ERC-20 altcoins.

The higher the activity, the higher the gas fee:

Therefore, it is possible that the unusually negative dynamics of the average fee of Ethereum (ETH) can be attributed to the poor performance of Ethereum transactions, which makes it less attractive to traders and contributes to the general stagnation of the cryptocurrency market.

The second layer of Ethereum L2 loses the locked value of TVL:
The medium-term collapse of Layer 2 platforms in terms of Total Locked Value (TVL) is another interesting process that is dominating the Ethereum sector and ecosystem.

According to the pioneering Layer 2 tracker L2Beat, the aggregate TVL locked value of mainstream scalability protocols (based on the Ethereum blockchain) increased 10x in three months between late August and late November.

Then, in just two weeks, that volume fell from $7.1 billion to $5.5 billion.

The Arbitrum network, Boba network, dYdX, and Loopring account for half that size.