Ether Turns Inflationary As On-Chain Activity Slides
Last week, Ethereum’s on-chain activity decreased, and transaction costs fell to their lowest level in eight months.
According to Bit Info Charts data, the average transaction fee on Ethereum dropped last weekend to its lowest level since January, with users paying less than $2.60 for simple token transfers.
DappRadar reports that since March, the total monthly value of NFT trading across all networks has decreased by 70% to $559M, while the number of transactions has decreased by 45% to 3.2M.
Data from The Block shows that in August, spot trading volume on decentralized exchanges fell to its lowest level since December 2020.
According to Ultra Sound Money, the decline in activity caused Ethereum’s burn rate to turn negative, with 3,750 ETH entering circulation since the Ether supply hit a record low of 120.213M on September 1.
(With inputs from Shikha Singh)
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