While the Ethereum price is falling, this data has also reached 1/60 and saw a historical low! - Coin Bulletin

Ethereum (ETH) network transaction fees have fallen to their lowest levels in recent years, with the daily transaction fee dropping below 500,000 dollars, which shows a significant difference from the 30 million dollar peak in March 2024.

The significant drop in transaction fees on Ethereum is transforming the network's economy. The daily transaction fee, measured by the 7-day moving average, has fallen below $500,000. This dramatic decrease has been made possible by improvements in the network's efficiency. Particularly, with the EIP-4844 update, "blob" transactions have been implemented. This step has significantly reduced Layer 2 rollup costs, making the Ethereum network cheaper. While the Ethereum network enables more users to benefit from lower transaction fees, users are turning to Layer 2 solutions, especially Base.

This development provides a significant advantage for users, while also bringing some risks for Ethereum validators. Lower transaction fees make transactions more accessible for users, but result in a decrease in income for validators. This situation raises questions about how the network will be sustainable in the long term. This change in Ethereum's revenue model seems to be aimed at balancing out through incentives based on ETH supply.

Ethereum's price continues to show weak performance compared to Bitcoin, despite this increase in efficiency. By 2025, it appears that the valuation of network usage is not directly related. Although Ethereum hosts stablecoin and newly emerging RWA (real world assets) protocols, its price continues to decline.