I would have expected that after the London update and the adoption of EIP-1559, gas fees would drop as the network automatically calculates gas in line with the actual situation. However the truth is that we don't see 5 gwei or 10 gwei again like in June, instead gas usually ranges from 40 gwei to 50 gwei and each transaction costs a minimum of 8 USD.
Some reasons that come to mind:
+ The explosion of NFT gaming tokens: we can see OpenSea & Axie in the top gas consuming platforms;
+The recovery of the entire crypto market, including many ERC-20 tokens when BTC recovered from $29K to $43K;
Many of my friends have been waiting for London to be able to move ERC-20 tokens from private wallets with cheaper fees, it seems they made a mistake. But we're all glad the market is recovering well, at least we don't use DEXs very often.
Maybe we have to wait for the adoption of layer-2 solutions on Ethereum to get gas 5-10 gwei.
Do you think high gas prices are a good signal for market recovery and growth? Does high gas prices have a big impact on your crypto market returns?