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Ethereum, the second-largest cryptocurrency by market capitalization, is known for its fluctuating gas fees, which typically rise and fall based on network congestion. However, the current decline in transaction fees reflects a substantial slowdown in on-chain activity rather than just a temporary dip. This has raised widespread concerns about decreasing network demand.
Over the years, the Ethereum mainnet has faced significant scalability challenges, prompting the adoption of a rollup-centric roadmap that offloads most on-chain activity to Layer 2 solutions. This shift has also led to the migration of users, protocols, and on-chain activities to alternative blockchain networks such as Solana, Avalanche, and Binance Smart Chain.
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