Ethereum's average daily gas fees have dropped to a 7-year low—is on-chain activity cooling down?

[BlockBeats] On-chain activity on Ethereum has been a bit sluggish lately. From early November until now, the total daily gas fees on the entire network (based on the 90-day moving average) have dropped below 300 ETH.

What does this number mean? Well, the last time we saw such a slump was back in July 2017—when the term DeFi hadn’t even caught on yet.

On-chain fees usually reflect the level of network usage. The current level more or less indicates that market participation is cooling down, or in other words, users are becoming more cautious in their behavior.

ETH-2.86%
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LiquidationWatchervip
· 10h ago
Gas fees drop to 2017 levels? Now it's time to eat, finally no longer being drained by vampire contracts.
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HashRatePhilosophervip
· 12-10 16:03
Gas fees have dropped to 2017 levels? That's outrageous. It seems like it's really time to clear out the holdings.
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BrokenDAOvip
· 12-08 15:42
Back in 2017, at least users still dared to play. Now, they can't even call it being cautious.
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BearMarketBrovip
· 12-08 15:42
Here we go again. When the gas fees are low, people say it's deserted, but when they were so high it made you want to vomit, how come no one said it was great?
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MoonWaterDropletsvip
· 12-08 15:33
Gas fees have dropped to 2017 levels. This is really unsustainable—it feels like the entire market is just lying flat.
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HorizonHuntervip
· 12-08 15:31
Gas fees have dropped to a seven-year low. How dead is it? Is no one playing anymore?
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OPsychologyvip
· 12-08 15:31
Gas fees have dropped to a 7-year low. Isn't this a clear sign that everyone is on the sidelines? The crypto space has indeed cooled down.
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Tokenomics911vip
· 12-08 15:21
This is what a bear market feels like. Who would still dare to transfer funds recklessly...
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SelfCustodyBrovip
· 12-08 15:20
Gas fees have dropped to 2017 levels. This time it’s really frozen... Wait, isn’t this a good thing? Fewer users means saving money.
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