While this metric shows stagnation on Ethereum’s mainnet, others point to growth in activity on layer-2 networks such as Arbitrum and Optimism, which are helping to scale Ethereum and now hold significant value locked, per data from L2beat.

Meanwhile, Ethereum’s transaction fees have also plummeted to their lowest level since late August, averaging just $0.41 per transfer.

The significant decrease marks a stark contrast to the $15.21 high seen in the past two years, indicating potential bullish sentiment for Ethereum’s long-term price outlook.

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