Ethereum (ETH) Daily Burn Rate Hits 4-Month Low: Here’s Why!

• The Ethereum network has recently experienced a significant drop in the daily amount of ETH burned, reaching its lowest level this year.
• This trend is primarily due to the recent decrease in average gas fees.
• On Sunday, the amount of ETH burned was only 610 ETH, marking a record low for this year due to Ethereum’s gas fees remaining at a minimum level.

Recent drop in Ethereum’s gas fees has led to the lowest ETH burn rate this year, impacting the network’s economic model and deflationary aspects.

Low Gas Fees Pull Ethereum’s ETH Burn Rate to Lowest Level This Year

Gas fees are currently fluctuating between 5 and 10 gwei, indicating one of the lowest levels seen so far. This drop in network fees directly affected the issuance of ETH, leading to less ETH being burned.

Shift to Layer 2 Scaling Solutions and Increasing Adoption of Blob Transactions

The ongoing decrease in gas fees is partly due to the shift of activities to Layer ... Read the full article for FREE at COINOTAG!