According to Santiment’s social volume, there has not been a significant spike in conversations about ETH fees, indicating that traders are not particularly sensitive to these changes. This may be because the average fee of 3.23 dollars is still relatively low compared to the higher fees seen earlier this year, with fees in March soaring to over $15 during the market high point. One of the main contributors to these fees is WETH, which dominates the fee contribution, indicating that traders are heavily using Decentralized Finance platforms, which suggests that the current fee pump may be driven by increased activity in Decentralized Finance, which is typically a positive sign for the ecosystem’s health.
Interestingly, after WETH, the next four contracts that contribute to the network fees of Ethereum are Hana (HANA), Virtual USD (VUSD), Incept (INCEPT), and Doggo (DOGGO).
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