Ethereum Gas fees drop to historic lows, this time truly different

Recently, something interesting happened on Ethereum—the Gas fees dropped below 0.03 Gwei, a level never seen since the mainnet launched. Chainfeeds founder Pan Zhixiong recently revealed this data. Outside of certain peak transaction times, you can even describe on-chain transaction costs as "cheap as cabbage prices."

The logic behind this is actually quite clear. Ethereum's ongoing block expansion plans are gradually being implemented, and each upgrade pushes further in the direction of lowering fees. The era of low-cost transactions is no longer just a slogan but is slowly becoming a reality. What does this mean for users? The barrier to on-chain interaction has directly lowered.

Interestingly, the overall ecosystem's approach is quietly changing. On one side, Layer 2 solutions and expansion plans are desperately trying to reduce fees; on the other side, Solana co-founder Toly has proposed a different perspective—protocols should accumulate funds to prepare for large-scale token buybacks in the future. His logic is straightforward: once protocols start large-scale buybacks and unlock tokens, the circulating tokens in the market will be re-priced, which will boost the expected value of the entire ecosystem.

You see, the strategic framework for 2026 is already taking shape quietly. Some public chains are still competing on transaction speed and costs, while others are starting to "stockpile grain for winter," building momentum for the next economic cycle. Lower fees reduce the barrier to use, while buybacks highlight long-term value. Which of these two approaches is more likely to become a game-changer? The market will soon give the answer.

What’s your view? Is the focus on lowering fees to attract users, or on buybacks to maintain value? Which side is more likely to unleash explosive growth in the next cycle?