Analysis: Ethereum’s daily average gas fee and daily destruction volume hit new lows

Odaily News CryptoQuant analyst EgyHash said in a post that Ethereum's average daily gas fee was only 2.9 Gwei recently, a record low, and its average daily fee in US dollars also hit a multi-year low of only $0.85. As a result, Ethereum's average daily destruction rate also fell to a historical low, with 115 ETH destroyed per day. Despite the sharp decline in Ethereum's gas fee and efficiency rate, its average daily number of transactions remained the same or increased significantly compared with the same period in the past two years. This decline may be related to the Dencun upgrade activated on Ethereum on March 13 this year. While low fees are good for users, they are not for investors, especially considering that a large part of Ethereum's use is being transferred to its L2 network, and the potential problems this may cause, such as user and liquidity fragmentation. Despite the approval of the Ethereum spot ETF, the price of ETH has not improved since the Dencun upgrade. During this period, the supply of ETH increased by more than 197,000 (worth more than $500 million), while its price fell by 35%.