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<ul>
 <li><strong>Ethereum’s average transaction fees have surged from below $1 to over $3.50 in a matter of weeks, coinciding with a 1,600% increase in ETH burned.</strong></li>
 <li><strong>Despite rising fees, active Ethereum accounts have dropped to their lowest since December 2023, suggesting users may be deterred by the increasing costs.</strong></li>
</ul>
<p>As the crypto market continues to captivate with its volatility and unpredictability, <a href="https://www.ethnews.com/gamblefi-protocol-with-token-high-roller-reward-scheme-lures-ethereum-and-xrp-holders/" rel="noopener noreferrer nofollow">Ethereum</a>, a cornerstone of decentralized finance, finds itself at the heart of a new conundrum. In recent weeks, a perplexing dissonance has emerged within its network: transaction fees have skyrocketed to levels not seen since the switch to proof of stake, while the number of active accounts has plunged to a historic low for the year.</p>
<h2 id="a-dual-dilemma-rising-costs-and-waning-interest">A Dual Dilemma: Rising Costs and Waning Interest</h2>
<p>In early September 2024, <a href="https://www.ethnews.com/top-5-ethereum-eth-competitors-that-could-turn-1000-into-100k-by-june-2025/" rel="noopener noreferrer nofollow">Ethereum</a>‘s average transaction fees dipped below the symbolic one-dollar mark, a low not seen since July 2020. However, within a few weeks, these fees dramatically increased. By September 21, 2024, the seven-day moving average of fees reached $3.52, more than triple the $0.85 recorded at the start of the month. This surge coincides with a substantial increase in Ethereum being burned—from 80.27 ETH to over 1,360 <a href="https://www.ethnews.com/ethereum-whale-moves-38-million-to-kraken-whats-next/" rel="noopener noreferrer nofollow">ETH</a> in three weeks, marking a staggering 1,600% jump. This phenomenon is particularly surprising as it contrasts with a slowdown in network activity.</p>
<p>The precipitous rise is largely attributable to increased gas consumption by some highly active smart contracts within the network. Major contributors include Uniswap, in both its original and V2 variants, and trading bots focused on platforms like Telegram, such as Maestro and Banana Gun. Additionally, <a href="https://www.ethnews.com/where-is-the-smart-money-being-invested-ethereum-gamblefi-tokens-causes-ripples-in-the-market-as-xrp-fails-to-exceed-expectations/" rel="noopener noreferrer nofollow">Ethereum</a> transfers and crypto transactions involving stablecoins like Tether (USDT) and USD Coin (USDC) significantly drive up fees. Despite this spike in costs, the number of active accounts continues to dwindle.</p>
<p>As fees climb, <a href="https://www.ethnews.com/expert-predicts-cybro-could-hit-100-if-bitcoin-reaches-70k-and-ethereum-touches-3k/" rel="noopener noreferrer nofollow">Ethereum</a> records a significant drop in the number of active accounts. As of September 21, 2024, active accounts decreased by 11% from the start of the month, with approximately 385,000 users—the lowest figure since December 2023. This trend may reflect a growing disinterest in Ethereum, compounded by rising fees while general network activity decreases.</p>
<p>The decline in active accounts could also be explained by diminishing returns for Ethereum stakers, who have seen decreasing daily earnings for several months. Faced with increasing competition from other blockchains and more cost-effective alternatives, <a href="https://www.ethnews.com/lido-allows-ethereum-stakers-to-participate-without-locking-funds-offering-steth-tokens-for-liquidity-and-trading-flexibility/" rel="noopener noreferrer nofollow">Ethereum</a> is compelled to devise new strategies to stem this decline and re-engage users. The outlook remains uncertain, particularly as the overall sentiment in the crypto market appears unfavorable for Ethereum.</p>
<p>The juxtaposition of rising transaction fees with a decrease in active accounts marks a critical phase for <a href="https://www.ethnews.com/ethereum-enhances-user-experience-with-groundbreaking-pectra-update/" rel="noopener noreferrer nofollow">Ethereum</a>. While potentially boosting profitability for certain network participants, it also risks slowing new user adoption and encouraging migration to competing solutions. This complex dynamic underscores the challenges and strategic decisions facing Ethereum as it navigates through these turbulent times.</p>
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<p>The post <a href="https://www.ethnews.com/ethereums-transaction-fees-soar-as-user-activity-plummets/" rel="noopener noreferrer nofollow">Ethereum’s Transaction Fees Soar as User Activity Plummets</a> appeared first on <a href="https://www.ethnews.com" rel="noopener noreferrer nofollow">ETHNews</a>.</p>

Ethereum’s Transaction Fees Soar as User Activity Plummets

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