Crypto NewsEthereumDaily Burn Amount in Ethereum Decreased to the Lowest Level in the...

Daily Burn Amount in Ethereum Decreased to the Lowest Level in the Last 4 Months! Here's Why!

The Ethereum network has recently experienced a significant decrease in the amount of ETH burned daily, falling to the lowest level this year.

Follow Bitcoin Sistemi Google News Button

The Ethereum network has recently experienced a significant decrease in the amount of ETH burned daily, reaching its lowest level this year. This trend was primarily driven by the recent decline in average gas fees.

Ethereum's Low Gas Fees Push ETH Burn Rate to Lowest Level in Year

Currently, gas fees hover between 5 and 10 gwei, marking one of the lowest levels ever seen. This decrease in network fees directly affected ETH issuance and resulted in less ETH being burned.

On Sunday, the amount of ETH burned was only 610 ETH, marking a record low for this year as Ethereum's gas fees remain minimal.

Related News  Why Did Bitcoin and Altcoins Fall Recently? What Will Happen Next? Analyst Points to May 15th

In comparison, the daily amount of ETH burned during the first four months of this year remained above 2,500-3,000 ETH.

The ongoing decline in gas fees is partly due to the shift of operations to Layer 2 scaling solutions and the increasing adoption of blob transactions.

These were introduced with the Dencun upgrade in March and help reduce transaction costs on Layer 2s.

Gas fees and ETH burning dynamics are a closely watched aspect of the network's economic model. While lower fees are beneficial for network users, the recent decline in ETH burning has an impact on Ethereum's deflationary aspects.

*This is not investment advice.



Buradaki Yorumlardan Bildirim Al
Bildir
guest

0 Comments
Latest
The oldest Top Rated
Inline Feedbacks
View all comments

Popular Posts of the Week