Ethereum's Gas Fees Are in the Toilet, and It's Transforming the Entire Network

This change is transforming things up across the entire Ethereum network, especially as the growing supply of ETH has some real implications for where the price

Key Takeaways

Ethereum gas fees have hit their lowest levels in five years thanks to layer 2 activity and the Dencun upgrade.

Lower fees are increasing the ETH supply, which could limit any major price rallies.

Demand for Aave V3's collateralized loans has plummeted, leading to over $200 million in net outflows.

A merger of three AI-focused crypto projects has failed to generate interest, and these tokens are showing stronger correlations with Bitcoin than Nvidia.

Japanese traders are showing a renewed interest in Ethereum, which is likely linked to the unwinding of the Japanese Yen carry trade.

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