ETH gas fees have remained unusually low, with L2s now handling over 60% of transactional load. Starknet and Base saw the highest weekly activity spikes (+22% and +31% respectively). As a result, demand for ETH to pay L1 fees has softened slightly. But this also frees up capital to be restaked or deployed in yield protocols. ETH’s on-chain P/E ratio (market cap vs fees) is trending back toward fair value, supporting a bullish medium-term outlook. Expect a leg up if EIP-4844 activates without bugs and user activity migrates smoothly.

Explore the EIPs / ERCs mentioned in this cast: