Summary
TL;DR: Ethereum mainnet fees dropped by 44% in 2023 as more users migrated to cheaper Layer 2 scaling solutions. Layer 2s, such as Arbitrum and Optimism, saw a significant increase in network fees. The overall Layer 2 ecosystem experienced a 400% increase in fees from 2022 to 2023. Decentralized exchanges saw a 51% decrease in total fees generated, while lending platforms had a mixed performance. The NFT marketplace sector was heavily impacted by the crypto winter, with fees plummeting by 87%. Stablecoins, particularly USDC, are expected to see growth this year after a difficult 2023.
Key Points
1. Ethereum mainnet fees dropped 44% in 2023, indicating a shift towards cheaper Layer 2 scaling solutions.
2. Layer 2 solutions like Arbitrum and Optimism experienced significant growth in network fees, with a 400% increase from 2022 to 2023.
3. Decentralized exchanges (DEXs) saw a 51% decrease in total fees generated, while lending platforms had a mixed performance with a 36% decline in fees overall. The NFT marketplace sector also faced an 87% drop in fees.