Following a series of DeFi and NFT hacks, more users have left the market, which caused a major drop in Ethereum's network activity and gas prices
As for the main network, Ethereum currently allows sending funds for 12 Gwei, which is one of the lowest prices for a transaction fee since July 12. Such a drop in the cost of Ethereum transactions is most likely tied to the drop in network activity.
Previously, Ethereum users had no other choice but to pay up to $100 to make a simple transaction on the chain. Swaps and NFT mints required even more gas fees of users because of network congestion.The main source of increased transaction fees on the Ethereum network were the NFT and DeFi industries, which have lost a lot of volume following the correction on the cryptocurrency
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