The chill in the market can be seen from the fact that Ethereum’s gas fee plummeted to only 4 units, which is undoubtedly an intuitive response to the current state. Looking back at history, the last time the Ethereum network experienced such a cold trading environment was back in the cold winter of 2016, which was also marked by single-digit gas fees. Now, this scene is happening again in the early autumn of 2024, which makes people feel filled with emotion.
This downturn in gas costs is due to the intertwining of multiple factors. On the one hand, the main players in the market have recently launched large-scale adjustments and reshuffles, which has significantly reduced transaction activity; on the other hand, Ethereum itself is also facing the challenges of intensified internal competition and lack of innovation. These factors work together, leading to to overcome the current deserted situation.
What cannot be ignored is that the rise of public chains from competitors such as Solana has also diverted the users and transaction volume of Ethereum to a certain extent, intensifying the competition in the market. These multiple reasons add up to each other and jointly shape the current status of the Ethereum market.
In this seemingly long winter night, we should maintain firm faith and hope. History is always surprisingly similar, but after every trough, there are new opportunities and hopes. We firmly believe that no matter how the market fluctuates, dawn will eventually come and light the way forward. Let us join hands to welcome a more prosperous and dynamic new era of Ethereum.
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