Ethereum fees have dropped to their lowest levels in 7 years - a silent shift is underway 👀🔥
Since early November, the total daily Ethereum fees paid (90D-SMA) have fallen below 300 Ethereum per day - a level not seen on the network since July 2017.
This is not just a decrease... it is a historic pressure on on-chain operating costs.
What this indicates:
• Demand for first-layer block space (L1) is at its lowest in years, as users increasingly move to cheaper L2 systems.
• Ethereum is transitioning to a settlement layer era, where rollups handle data volume, while the base chain enhances security and finality.
• Extremely low fees often precede significant changes in network behavior - either an increase in usage or a re-evaluation of activity structure across the second layer.
The last time fees were this low, Ethereum was on the brink of a massive technological and market evolution.
If history repeats itself, the next phase may surprise many.
Periods of calm often indicate the beginning of something bigger... 👀⚡
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