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Ethereum, Solana and Avalanche got busier and cheaper while token prices fell more than 50% YoY, Bitwise reports

7/27/2026

A more than 50% year-over-year price decline hit $ETH, $SOL and $AVAX in unison, according to Bitwise. Activity climbed on all three networks over the same period, and fees fell.

Activity up, fees down, revenues down: the math reconciles because fee compression outran transaction growth.

The fee-compression dynamic When per-transaction costs fall fast enough, total revenue contracts even if transaction counts rise.

That is the arithmetic Bitwise describes across Ethereum, Solana and Avalanche during the reported period. Cheaper networks benefit users directly.