The Ethereum gas price has dropped to July 2021 lows

Plummeting activity on Ethereum during the last couple of weeks has led the gas price to drop to lows not seen since July 2021.
Source: CoinMetrics

Although the activity on Ethereum has been minimal since March, it has declined even further after the Terra collapse. In addition to leading to a market-wide crash, this event seems to have scared crypto users from getting their money involved deep in the DeFi ecosystem.

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