Ethereum experienced a decrease in daily transaction fees, reaching its lowest level in eight months. According to data from blockchain analytics firm CryptoQuant, Ethereum users' transaction fees dropped to 1.719 ETH on Sunday, representing approximately $2.8 million in value and marking the lowest level since December 26. This decline in fees is associated with low network activity and the increasing popularity of layer-2 scaling solutions. Particularly, solutions like Friend.tech are driving interest in L2 solutions. Ethereum's L2 solutions include Optimism, Arbitrum, and Base, aiming to reduce network congestion and lower transaction costs. Data from IntoTheBlock indicates that transaction volume on the Optimism mainnet reached a record high. As competition among L2 solutions intensifies, Ethereum's position continues to strengthen.
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Ethereum 8 months behind
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