Crypto adoption progressing over time, but it is still pretty low. On top of that, most of crypto adoption is really Cefi adoption and not Defi. Cefi accounts for a large majority of crypto trading. This is to say that much of the crypto activity takes place off-chain on Cefi servers and not on the blockchain. And yet still Ethereum fees are high.
Further, I am calling Ethereum fees high but they are still relatively low. I have seen users reporting paying up to $50 and $80 during the 2021 run. Call these one-off examples if you want but for the 2nd half of 2021 the mean transaction fee was around $35 dollars per Cryptoquant. Over the entire year it was a bit lower at about $20-25. We are still in a "bear market" and fees are already approaching these levels. The average fees are 6x higher than they were 1 month ago.
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