This week, the average Ethereum gas fee dropped to a six-month low, signaling declining activity on the Layer 1 chain. Ethereum’s average gas fees dropped to $0.41, a level not seen since August, according to on-chain analytics platform Santiment. Transactions fees are paid to validators to put transactions onto a block on Ethereum, with higher fees getting priority. When transaction fees are low, it means there is less demand to use Ethereum block space, which signals there is less activity happening on the blockchain. To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io