As of September 20, 2024, the average fee on the Ethereum network reached $5.08, according to BitInfoChartsThis is a new high since early August.
At the same time, on September 1, the average commission was $0.584. The increase for the month is 875.86%:
Average Ethereum Network Fee. Source: BitInfoCharts.
By September 23, the figure had dropped slightly to $4.14. However, this is still significantly higher than the average for previous weeks.
Dashboard data The Block confirm the overall trend. The seven-day moving average (7DMA) of Ethereum network fees reached $3.9 as of September 22.
This is more than three times the value from September 1:
7DMA fees in the Ethereum network. Source: The Block.
The increase in fees indicates an increase in activity on the network. And this has the unobvious consequence of reducing inflationary pressure.
The volume of Ethereum burned has increased amid rising fees, as confirmed by Etherscan data.
On September 19, the daily Ethereum burn reached 1,692 ETH, a new high after the August 5 spike:
Daily Ethereum Burn. Source: Etherscan.
CryptoQuant experts previously stated that the asset lost its deflationary nature after the Dencun update, which significantly reduced fees on both the first and second levels.
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Source: Cryptocurrency
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