“Ethereum gas fees are less than $1—Is the L2 game over?”
Blobs and proto-Danksharding have reduced fees, but activity hasn't gone where everyone expected.
- *Blob data wow:* Avg blob fee < 0.003 ETH (Dune screenshot). Alt-L2s cut fees by 80%, but ArbBase daily txns only increased by +12%.
- *Where liquidity went:* TVL increased by +$420 M that week—Ethena and Pendle scrunched more, not the entire L2s.
- *Retail signal:* Coinbase ETH withdrawals up +18%—people are moving to cold storage due to cheap fees, not trading.
Cheapest fees ≠ instant adoption, but hot wallets are refilling—this could be the fuel for the next leg up.
Are you saving on fees or moving your ETH? Let us know below.