The average transaction fee (7 DMA) on the second-largest cryptocurrency network has fallen from $2.57 to $0.77 over the past week—a 70% decline.

Such low levels were last observed in mid-2020.

The trend is confirmed by an extremely low median gas price, currently around 0.86 Gwei.

According to Ethereum Gas Tracker, the average cost of a DEX swap is $0.89, while a cross-chain transfer costs $0.29.

“While lower fees typically encourage user activity, the scale of this decline, seen in a prolonged downturn, suggests a general lack of demand rather than improved network efficiency. This is further supported by Ethereum’s recent slowdown in blockchain activity,” analysts at The Block noted.

The on-chain transaction volume (7 DMA) dropped to $3.56 billion over the past week—more than 60% lower than peak levels in early December.

Reminder: In a recent essay, Ethereum co-founder Vitalik Buterin argued in favor of increasing the gas limit.

Earlier, developers discussed the possibility of accelerating upgrades for the second-largest cryptocurrency network.