According to Block Research, Ethereum fees fell below $1 in September, a level last seen in June 2020. This decline is attributed to a general decrease in network activity and lower demand for the use of smart contracts in various decentralized applications.
However, last week saw a sharp increase in activity, leading to a rise in fees. On September 23 fees surged back up to $3, driven by the increased number of transactions.
The main driver of this growth was activity in the NFT market, where significant trading volumes took place. Additionally, there was an increase in stablecoin trading volume on decentralized exchanges based on Ethereum, further contributing to the network load.
Despite the increase in activity, the number of unique active addresses remains stable at 375,000, the lowest level since December 2023. This could indicate ongoing caution among users, despite short-term spikes in network activity.
