Ethereum mainnet gas fees have really collapsed! When I saw the data this morning, I almost thought I was seeing things: a single transfer costs only $0.0017—less than the change for a cup of bubble tea.

Even more surprising, mainnet gas has dropped to a historic low of 0.025 Gwei, but most Layer 2 fees are actually hovering between $0.0055 and $0.0079—several times higher than the mainnet. This development is really counterintuitive; weren’t L2 networks supposed to lower fees?

On-chain activity hasn’t stopped either. Quite a few projects have recently started new initiatives on the mainnet. At this fee level, it’s basically a windfall for regular users. The question is: how long will these ultra-low gas fees last? Will funds flow back to the mainnet because of this cost advantage?

I've already seen some people starting to make moves while costs are low. What do you think of this strategy? Will the mainnet seize this opportunity to stage a comeback thanks to its fee advantage?