Chart of the Day
The average gas fees on the Ethereum network have plunged to a six-month low, currently sitting near $3.95 — less than one-tenth of its all-time high a month ago. The whopping decline is partly attributed to a sharp drop in on-chain transaction volume in recent weeks, while the price of Ether continues to spiral down a descending channel. The decline is observed across the board — the DeFi space saw a shift towards the more defensive interest-earning protocols, and the NFT market showed signs of running out of steam.