Following a strong market correction this week, Ethereum (ETH) fees have finally dropped, at least for now. But they are still significantly higher compared to the highs seen during the 2017/2018 initial coin offering (ICO) boom.
After a week of ascending Ethereum fees, the trajectory finally moved downwards, at least for the moment. Median transaction fees have gone down 45% from their highest point ever of USD 8.48 seen two days ago to USD 4.66 today.
This is still 50% more than the highs of USD 3.1 reached in January 2018. It wouldn’t get this high again until August 2020.
Ethereum price dropped more than 9% in the past 24 hours to nearly USD 396 (at 8:56 UTC). It appreciated 2% in a week.
2020 has had its own craze developing and pushing the fees up – decentralized finance (DeFi), including yield farming, governance tokens, and additional incentives. In the past few months, DeFi has produced a number of different projects, perhaps some of the most talked-about being Compound (COMP), Balancer (BAL), yearn.finance (YFI), Ampleforth (AMPL), YAM, Curve (CRV), SUSHI, etc.
Actually, Mike Novogratz, founder and CEO of Galaxy Digital, just recently compared the DeFi craze to the ICO boom, stating that there might be an incoming correction.
Today, major DeFi tokens are down in double digits.