#Gate广场五月交易分享 ETH and Layer 1 Ecosystem Overview

Special Focus on ETH: The current price of ETH is approximately $2,257, and the ETH/BTC exchange rate remains sluggish. ETH does not show a clear independent trend relative to BTC, mainly moving passively in line with BTC.
Currently, the average Ethereum Gas fee is about 0.184-0.819 Gwei, which is extremely low. On one hand, this indicates improved user experience; on the other hand, it also reflects that on-chain activity is not particularly vigorous.
This is a double-edged sword: low fees attract more users, but at the same time, it significantly reduces the scale of ETH fee burns, weakening the marginal narrative of deflation.
ETH spot ETFs experienced a net outflow of $87.73 million on April 29. FETH (-$48.37M) and ETHA (-$37.06M) are the main outflows. This represents a clear impact on ETH ETFs following the FOMC, indicating that institutional confidence in ETH is currently weaker than in BTC.

In terms of Layer 2 ecosystem, the Base chain has recently seen some activity increase due to Morgan Stanley-related service expansions. Arbitrum and Optimism TVL remain generally stable, but recent KelpDAO hacking incident (see security section) has caused some confidence shock in the Ethereum Layer 2 ecosystem.

Other major Layer 1: SOL is approximately $82.86. Due to the significant hacking incident on April 1, where Drift Protocol was stolen for $285 million, the Solana DeFi ecosystem was in a confidence recovery phase throughout April. On-chain meme and DEX activity have rebounded somewhat, but institutional funds remain cautious in their allocation to SOL.