Ethereum’s Gas fees spiked to 15 Gwei in May 2025, up 50% from April’s 10 Gwei, post-Dencun. DeFi user activity dropped 10%, with active addresses down to 500,000. High fees, a spectral tax, deter yield farmers—Uniswap transactions fell 8%. Yet, L2 adoption (Arbitrum up 30%) mitigates the sting, keeping DeFi alive. If fees stabilize at 12 Gwei, user activity may rebound by June, lifting ETH to $1,850. The blockchain’s hum, a strained melody, reflects user frustration. DeFi’s pulse, a fragile rhythm, hinges on fee relief—a shadowed dance where cost and utility clash in Ethereum’s vast machine.