Ethereum Faces Tough Times: Q3 FEES PLUMMET TO LOWEST SINCE 2020!

In a shocking turn of events, Ethereum's network fees dropped to $261 million in Q3 2024, marking a staggering 47% decline from the previous quarter and its lowest performance since Q4 2020. This downturn is attributed to the rising popularity of layer 2 networks, the implementation of EIP-4844, and a notable decrease in new crypto users.

The DeFi Report reveals a 14% decline in Ethereum's Total Value Locked (TVL) for the quarter, although it has surged 133% year-over-year. Additionally, with token inflation on the rise and the emergence of Uniswap's new layer 2 solution, Unichain, the outlook appears bleak for Ethereum validators.

Analysts predict that the launch of Unichain could siphon off around $368 million in settlement fees, redirecting funds away from Ethereum and potentially impacting ETH token holders as well.

As Ethereum navigates these turbulent waters, will it recover its footing or continue to face challenges?

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