According to Etherscan data, Ethereum (ETH) gas fees have dropped to their lowest level since October 2022.
Ethereum Gas Fees Fall To Yearly Low Amid Declining Activity
According to Etherscan data, Ethereum (ETH) gas fees have dropped to their lowest level since October 2022, at 10.4 Gwei. This drop in gas fees can be ascribed to decreased user activity in DeFi applications, non-fungible tokens (NFTs), layer-2 networks and Telegram bots.
Weekly trading volumes for NFTs have reached a two-year low, while Telegram trading bot activity has decreased in October. Heavyweight Ethereum entities such as Uniswap and MetaMask have also utilized less gas.
Furthermore, starting September, Ethereum's deflationary supply has turned inflationary, with an annual inflation rate of 0.44% as the amount of Ethereum burned decreases. The last time Ethereum experienced such a low burn level was September last year, shortly after the Merge upgrade which saw Ethereum shift to proof-of-stake (PoS) and the burning mechanism was implemented.
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