Ethereum fees have dropped to five-year lows
Against the backdrop of sluggish on-chain activity, the average fee in the second largest cryptocurrency network has plummeted to levels not seen since May 2020.
According to Santiment, a simple transfer of Ethereum will cost the average user about $0.16.
However, an expert noted that for application developers, it is now "a great time to create value efficiently."
The chart below demonstrates the stagnating transaction activity in the network:
