Ethereum’s high transaction fees has been a sticky issue for the blockchain in the past.
Ethereum supply is inflating despite relatively high throughput. Average fee has nosedived to $1.12 per transaction, lowest since October. Ether sustained above $3,200 on Sunday, up 4% in the past seven days. This led to Layer 2 chains and scaling solutions developing alternatives for users looking to transact at a lower cost. The issue seems to have de-escalated with Ethereum ’s average fee level dipping to $1.12 per network transaction. This is one of the lowest levels noted since October 18.
A little over 120 million Ether is in circulation now and the sharp increase in supply can be attributed to the consistent decline in burn rate, in the past two weeks. Gas fees is currently 7.19 Gwei, up from a low value of 4.48 Gwei, as seen on Ultrasound.money. Gas fees is currently $0.62, as seen in YCharts, down from the May 2023 peak of $3.788.
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