Checked out Ethereum's Q1 report, and there’s one particularly interesting stat: since the beginning of the year, ETH has dropped sharply below $2000, but on-chain transaction volume has hit a historic high and has stayed there ever since. However, this data still needs further research, as we haven’t seen any signs of an ecosystem boom yet. The general feeling is that with mainnet costs coming down, there are more marginal transactions, like arbitrage, small-scale testing, or even sending phishing transactions—these have all become cheaper.