PANews reported on February 20 that according to The block, the 7-day moving average of Ethereum network transaction fees fell to $0.77. Just a week ago, the figure was $2.57, a 70% drop from the previous month. The decline has brought transaction costs (in US dollars) to their lowest level in more than four years, meaning that the last time transactions on Ethereum were so cheap was in July 2020. Meanwhile, Bitcoin network activity recently hit a 12-month low, with transaction volume down 55% from its peak.

While falling fees would generally encourage user activity, the magnitude of this decline (typified by a long period of decline) suggests a general lack of demand rather than increased network efficiency, as seen in the recent slowdown in Ethereum on-chain activity.