Ethereum network gas fees drop to a low of 0.067 Gwei.

Odaily Planet Daily reports that amidst the recent market downturn, Ethereum Layer 1 blockchain gas fees plummeted to a low of just 0.067 Gwei on Sunday. According to Etherscan data, the average fee for a single token swap is only about $0.11, and NFT transactions cost around $0.19. While low gas fees are beneficial for users, analysts warn that excessively low fees could foreshadow long-term fundamental problems for the Ethereum ecosystem. Since the Dencun upgrade in March 2024 significantly reduced Layer 2 network fees, Layer 1 revenue has declined sharply, raising concerns about network security incentives and sustainability. Critics argue that Layer 2 is cannibalizing mainnet Layer 1 revenue. (Cointelegraph)