Ethereum Fees Plummet: Is It Magic or Just More Crypto BS?
Ethereum, the second largest cryptocurrency by market cap, has seen a significant drop in fees, drawing attention on the crypto market. It’s like the fees took a dive and are now swimming in the deep end of the pool!
Total ETH fees decreased to their lowest level since 2020 this quarter, primarily driven by the gas limit increase and transactions moving to L2s
— IntoTheBlock (@intotheblock) April 4, 2025
IntoTheBlock identified two primary reasons for Ethereum’s fee drop: an increase in the gas limit and a growing migration of activity to layer-2 (L2) solutions. It’s like the fees are playing hide and seek with the gas limit and L2s!
In February, Ethereum raised gas limits for the first time in 2021 after more than half of validators approved the change, which was implemented automatically without the need for a hard fork. It’s like the validators decided to give Ethereum a big, fat boost in gas!
Pectra mainnet upgrade nears
Pectra, one of Ethereum’s most significant enhancements since the shift to a proof-of-stake consensus mechanism in 2022, is now scheduled to hit the Ethereum mainnet on May 7. Pectra’s finalized date was disclosed at a Thursday meeting for Ethereum devs. It’s like the crypto world is waiting with bated breath for Pectra to make its grand entrance!
Originally intended for a March 2025 release, Pectra was delayed owing to finality issues on the Holesky testnet but has been working smoothly on the Hoodi testnet, which was created in reaction to the testnet issues. The upgrade also encountered a minor issue on the Sepolia testnet in early March, which was eventually identified and resolved. It’s like Pectra is having a bit of a rough time getting ready, but it’s all good now!
Ethereum has not been spared from the recent market decline. The second-largest crypto asset by market cap is down 6.3% weekly and up 0.64% in the previous 24 hours, trading at $1,778 at press time. It’s like Ethereum is trying to bounce back from a crypto cold!
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2025-04-04 17:56