Ethereum gas fees crash 70% to 4-year lows – What’s driving the deep drop? – BitRss

• A surge in Ethereum Layer 2 solutions have offloaded some transactions.
• Decrease in network activity as activity to fee ratio depict could have a hand in this decline.

Ethereum’s [ETH ($2,732.73)] blockchain, which is at the center of powering many projects across the crypto ecosystem including DeFi and NFTs, witnessed a staggering 70% crash in gas fees, hitting a four-year low as of the 20th of February.

The daily fees dropped from $23 million to $7.5 million.

According to data from IntoTheBlock, the average gas price has plummeted to around 5 gwei, translating to roughly $0.80 per transaction — a sharp decline from the $20-plus fees seen during peak activity in 2024.