The Ethereum Cancun upgrade, reducing transaction fees by 90%, has a profound impact on the Ethereum ecosystem. For DeFi projects, lower fees increase the profitability of transactions, attracting more users and potentially leading to a growth in the total value locked (TVL). NFT marketplaces also benefit, as it becomes more cost - effective to mint and trade NFTs. In the short - term, this could drive up the demand for Ethereum, leading to a price increase. In the long - term, it strengthens Ethereum's competitiveness against other blockchains, potentially increasing its market share and further supporting the price of Ether as the ecosystem continues to expand and innovate.