Don’t Be Fooled by Cheap ETH Gas; Look at the Exchange Balances Instead

Ethereum gas fees have plummeted to just 0.528 gwei, the lowest in recent weeks. Exchange balances for ETH have fallen to a multi-year low of under 19.5 million. 88% of ETH protocols have generated zero revenue in the past 30 days. The Ethereum network is sending deeply conflicting signals this week. On one hand, network activity has ground to a near halt, with gas fees plunging to rock-bottom levels. On the other, a looming “supply shock” on exchanges could be setting the stage for an explosive rally. Gas Fees Collapse as Activity Dries Up As of July 24, Ethereum’s gas fees have dropped to a remarkably low 0.528 gwei, a level not seen in weeks. Source: EtherScan The average cost to perform a token swap now sits at just $1.38, with NFT sales averaging $2.32. These ultra-low fees suggest a severe drop in on-chain demand, with fewer users competing for block space. Related: Ethereum (ETH) Price Prediction for July 25 88% of Ethereum DeFi protocols generated zero revenue Backing up the on-chain lull is a damning stat from DeFiLlama . 88% of all Ethereum-based protocols generated no revenue in the past 30 days. That’s 1,121 out of 1,271 project… The post Don’t Be Fooled by Cheap ETH Gas; Look at the Exchange Balances Instead appeared first on Coin Edition .