Ethereum’s network activity has plunged considerably due to the market downturn as the decentralized finance and NFT sectors took a hit.
Gas prices weren’t spared either. In fact, new data suggested that these figures have reached multi-year lows and are now treading near May 2020 levels.below $5 per transaction, ETH burned by EIP-1559 has hit an all-time low. Furthermore, only a mere 11% of minted issuance has been burned from circulation.
This is the most inflationary ETH has been since EIP-1559 went live., as pointed out by Glassnode’s lead researcher.burned by EIP1559 is at an all time low, with just 11% of minted issuance being burned.
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