Ethereum fees drop drastically – Is low demand the reason?

Demand for Ethereum Mainnet [ETH] has been slowing down over the past few months, driving fees to their lowest level since April 2020.

has been slowing down over the past few months, driving fees to their lowest level since April 2020, on-chain data provider IntoTheBlock noted in a recent post on X .

These fees have significantly declined, plummeting by 90% from their peak in May and standing approximately 50% lower than the figures observed in October 2022.The steady fall in Ethereum’s fees since May is primarily attributable to the growing disinterest in non-fungible tokens and low activity across the decentralized finance protocols hosted on the blockchain network.

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