Ethereum is seeing a major decline in daily ETH burned, reaching a yearly low mainly due to reduced gas fees.
The Ethereum network has seen the daily amount of ETH burned drop to its lowest level this year — mainly driven by a recent drop in average gas fees.
The decrease in network fees has resulted in fewer ETH being burned. On Sunday, the amount of ETH burned was a mere 610 ETH — marking a record low for this year as Ethereum’s gas fees remained minimal. The ongoing decline in gas fees is partly due to a shift in activity to Layer 2 scaling solutions as well as the growing adoption of blob transactions that were introduced with the Dencun upgrade in March — helping reduce transaction costs on Layer 2s.
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