People had grown accustomed to high gas fees on Ethereum that the idea of paying low gas for processing transactions on the chain was never dreamed of again.
Personally, I did not see this day coming and I've, on some occasions, talked about it never happening again but it just did and the reaction is quite comical to say the least.
At the time of writing, Ethereum gas for high priority transactions is as low as $0.17 according to Etherscan.
To be frank, I'm catching this late as it had dropped below 1 gwei before now, meaning about $0.06.
At first, I wondered if on-chain transactions decreased but found data that it's been relatively stable in the last 30 days.
That said, it's only come to my notice that blockchains like Base processed as much as over 100 million transactions and the Arbitrum-based Layer 3 solution for gaming, Xai processed over 280 million transactions but these figures don't make up even 20% of Ethereum’s 30 days transaction count, so it couldn't be due to the adoption of layer 2 solutions.
I mean, even without the data, we could sort of guess that numbers would be significantly low in comparison as liquidity still has to go through Ethereum to be utilized on these layer 2 networks.
Is Ethereum Dead?
There aren't any clear pointers why Ethereum gas fees are suddenly so low and that's what makes it rather funny. This also means that the speculation on Twitter on if the chain is dead also holds no weight when on-chain data shows that activities have remained relatively the same.
As such, can't say Ethereum is dead, we can only just wonder why gas is suddenly so low. We've always had the understanding that the gas price was set by supply and demand, but given the data showing that these things have remained relatively stable in the last couple of months, what then could be attributed to this sudden drop in gas cost?
We could say that the Dencun upgrade has now been priced in, 5 months later. Sure, that would be a wild assumption with no real data to support, but it's literally the only thing I can say without sounding like a conspiracy theorist.
That said, on other comical news, Justin Sun has made moves to wreck memecoins traders by launching Sunpump.
Lmao, this is apparently a Pump.fun alternative on TRON and I can only say that whatever shit people get themselves into for joining this chain, they absolutely deserve it.
What makes this even funnier is that so many people have already gotten massively rekt on Pump.fun, while the platform earned more revenue than Solana as a chain, yes, that level of crazy.
No wonder Sun is dropping in, but best believe that when it comes to this guy, it's not just about fees, dude is about to make bank on his shitcoin, TRX.
But what can I say?
The perks of being a billionaire is making more money at ease.
Massive liquidity is about exit the ecosystem. It's crazy that one will make all that money in Solana and lose it to Sun on TRON.
The life of a gambler.