[The daily ETH burn on the Ethereum network hit a historic low last Saturday] According to data from The Block, only 53.07 ETH were burned on the Ethereum network last Saturday, valued at approximately $106,000 at current prices, marking a historic low, which indicates a significant decrease in demand for Ethereum block space.
The EIP-1559 change in Ethereum simplifies the transaction fee process while requiring the network to burn all ETH used to pay the base transaction fee. This mechanism aims to reduce inflationary pressure and may make Ethereum a deflationary asset during periods of high network activity.
Moreover, the seven-day moving average of active addresses has recently fallen to its lowest level since October 2024. In recent weeks, the number of new addresses created, the number of transactions, and the daily transaction volume have also declined.
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The daily ETH burn on the Ethereum network hit a historic low last Saturday.
[The daily ETH burn on the Ethereum network hit a historic low last Saturday] According to data from The Block, only 53.07 ETH were burned on the Ethereum network last Saturday, valued at approximately $106,000 at current prices, marking a historic low, which indicates a significant decrease in demand for Ethereum block space. The EIP-1559 change in Ethereum simplifies the transaction fee process while requiring the network to burn all ETH used to pay the base transaction fee. This mechanism aims to reduce inflationary pressure and may make Ethereum a deflationary asset during periods of high network activity. Moreover, the seven-day moving average of active addresses has recently fallen to its lowest level since October 2024. In recent weeks, the number of new addresses created, the number of transactions, and the daily transaction volume have also declined.