Since Bitcoin's fourth halving, the cryptocurrency market has been volatile. Some believe the bull run has quietly slipped away, while others remain confident that Bitcoin will follow its historical cycles, with next year being the true mega-bull market.
While prices remain contested, on-chain activity has grown notably quiet. Ethereum's "gas fees"—a critical indicator of blockchain usage—have plummeted to five-year lows. It's common to see gas prices as low as 1 Gwei on tracking sites like ethgas.app, even for rapid transaction confirmations. Some investors worry that low Ethereum usage could lead to inflation, dragging down the token's price and dimming its prospects.
For me, however, this is a long-awaited scenario. Infrastructure exists to be used, and low transaction fees are a boon for users. When blockchain-based applications achieve mass adoption, usage will rise, and fees will return to "reasonable" levels. Rather than worrying about price, users should seize this rare opportunity to do things that were prohibitively expensive during periods of high gas fees. Here are five recommendations.
Reclaim Control: Review and Revoke Old Token Approvals
When using services like Uniswap, Aave, OpenSea, or other dApps involving ERC-20 tokens or NFTs, you must grant smart contracts permission to access assets in your wallet (token approval). For convenience, many services request unlimited spending approvals that never expire. Over time, your wallet can accumulate a long list of smart contracts with permission to move your funds at any time.
You might think this is safe if you only use trusted dApps. However, even initially secure applications can develop vulnerabilities over time, potentially allowing hackers to exploit these approvals and drain your wallet. The best practice is to regularly review and revoke unnecessary permissions—similar to canceling a large bank transfer authorization to a third party when it's no longer needed. You can always re-authorize later if necessary.
👉 Check and manage your wallet approvals securely
Tools like Revoke.cash make it easy to review and revoke permissions. If you use the Rabby wallet, it's even simpler—use the built-in "Approvals" feature to list all authorizations across EVM chains, sort them by trust level or date, select multiple items, and click "Revoke." Sign the transaction, and you're done. While granting approvals costs gas, revoking them does too. I recently revoked one approval at 1.6 Gwei, costing just 0.00004 ETH (about $0.10). During high gas periods, each revocation could cost $2–3, making many users reluctant to act—until it's too late.
Migrate Assets to Layer 2 Solutions
While it's true that reduced web3 attention has contributed to low Ethereum gas fees, the primary reason is the maturation of Layer 2 (L2) networks. Many transactions that once occurred on the mainnet have migrated to L2s. Personally, I use L2s far more frequently than the main chain. Macro data supports this trend: according to Coingecko, Ethereum's mainnet Total Value Locked (TVL) is approximately $48 billion, while the top three L2s/sidechains—Arbitrum, Base, and Polygon—have TVLs of $2.7 billion, $1.5 billion, and $0.9 billion, respectively. The mainnet is often for "premium" users, where fees of several dollars—or even hundreds—are just a minor cost. For everyday users, L2s offer sufficient security at a fraction of the cost.
Nevertheless, many web3 users haven't started using L2s, deterred by a slight learning curve and the initial requirement to bridge assets from L1 to L2—a transaction that occurs on the mainnet and can be expensive. I recently tested a bridge transaction using Superbridge to move ETH from Ethereum to Optimism. At a gas price of 2.2 Gwei, the fee was 0.0009 ETH (about $2.30). Frugal users can wait for dips to 1 Gwei or lower to save another dollar or so.
Set Up a Multi-Signature Wallet
You might think multi-signature (multisig) wallets are only for DAOs and organizations, but that's not the case. Multisig wallets offer several advantages for individuals too. For example, you and your partner can create a shared multisig wallet, similar to a joint bank account, requiring just one signature (1/2) or both (2/2) to authorize transactions.
Even if you're solo, a multisig wallet is valuable. To enhance security, set up a 2/2 wallet controlled by two of your own wallets—for instance, one on a computer-based MetaMask and another on a mobile Coinbase Wallet. Conversely, to avoid losing access from a single lost seed phrase, use a similar setup but require only one signature (1/2) to transact.
The downsides of multisig wallets are increased complexity and significantly higher gas fees. In the past, deploying a multisig on the mainnet could cost tens of dollars, making now an ideal time to set one up. I recently tested creating a new multisig wallet using Gnosis Safe on the mainnet. At 0.9 Gwei, the cost was just 0.000233 ETH—approximately $0.60.
Register and Configure an ENS Domain
Another task often deterred by high gas costs is registering an Ethereum Name Service (ENS) domain. ENS is essentially Ethereum's version of the DNS (Domain Name System), mapping complex, hard-to-remember wallet addresses to simple, human-readable names. For example, to support a content creator (thank you! 🙏🏼), you can send ETH, USDC, or other cryptocurrencies to ckxpress.eth—most wallets understand ENS addresses.
ENS domains are cheaper than .com domains, with an annual registration fee of just $5 worth of ETH. However, the gas fees involved in registration and configuration have often been multiples of the actual fee, making the process uneconomical. Now is a great time to establish your web3 identity by registering an ENS domain. With current low gas prices, transaction fees are just $1–2. If you already own an ENS, consider adding profile details, setting up subdomains, or configuring L2 addresses to enrich your web3 presence.
👉 Explore secure domain management options
Tidy Your Wallet: Asset Management and Housekeeping
If you're an active DeFi or NFT user, or have maintained a wallet for years, your account likely holds numerous tokens. Many are "dust"—tiny, negligible amounts—or assets that have plummeted to zero value. Don't assume this doesn't apply if you don't trade often; many tokens and NFTs are airdropped directly into wallets, some purely for phishing.
Unless you're bothered by clutter, cleaning these up is often irrational—the gas fee to swap dust for ETH or send scam tokens to a burn address usually exceeds the token's value. However, for those with organizational tendencies, rock-bottom gas fees offer a chance to declutter. Use these periods of 1 Gwei or lower to clear out unwanted tokens and NFTs, leaving a clean, efficient wallet.
Frequently Asked Questions
What are Ethereum gas fees?
Gas fees are transaction costs on the Ethereum network, paid to miners/validators for processing transactions and executing smart contracts. They are denominated in Gwei, a subunit of ETH.
Why are gas fees so low right now?
Low fees result from reduced network congestion and increased adoption of Layer 2 scaling solutions, which handle transactions off the mainnet, reducing the load and competition for block space.
Is it safe to revoke token approvals?
Yes, it enhances security. Revoking unused approvals reduces the risk of malicious contracts accessing your funds. Use trusted tools like Revoke.cash or your wallet's built-in features.
What is the benefit of using an L2?
Layer 2 networks offer significantly lower transaction fees and faster speeds than Ethereum's mainnet while maintaining strong security through their connection to Ethereum.
Can I lose my funds with a multisig wallet?
If you lose access to the required number of keys or devices, recovery can be challenging. Always securely store all seed phrases and consider using a 1/2 setup for redundancy if managing it alone.
Is an ENS domain worth it?
For active users, yes. It simplifies transactions, enhances your web3 identity, and is relatively inexpensive, especially when registered during low-fee periods.