The average transaction fee in early September was Ethereum Ethereum
-1.20%
It dropped below $1 for the first time since July 2020, well before Ethereum’s proof-of-stake merge, the Blob upgrade, and even the launch of the Bored Ape Yacht Club NFT collection.
But over the past few weeks, Ethereum’s seven-day moving average transaction fee has skyrocketed. The most recent, in September 2021, was $3.52, more than three times its value on September 1, when it was $0.85, according to data from The Block.
As transaction fees recovered, Ethereum’s burn rate also increased. According to data from The Block, Ethereum’s burn rate jumped from 80.27 ETH on September 1 to 1,360 ETH on September 21, a 1,600% increase in just three weeks.
Uniswap topped the list of the most gas-consuming smart contracts on the network over the past 30 days, and while it also had a V2 variant, the list also included Maestro and Banana Gun, two Telegram-focused crypto and NFT trading bots. Ether transfers and trades involving the stablecoin Tether (USDT) and Circle’s USD Coin also made the list, according to data from The Block.
Despite the surge in transaction fees and burns, the 7-day moving average of active accounts on the network has fallen significantly to its lowest level this year, down 11% from its value at the start of the month. The current value of around 385,000 accounts is the lowest on the network since December 1, 2023.
The world’s second-largest cryptocurrency by market cap has been gaining renewed attention in the crypto space in recent weeks, especially after the Ethereum-Bitcoin market cap ratio hit its lowest point since 2021 last week, recovering slightly. “Nobody likes Ethereum right now,” said Matt Hougan, CIO of Bitwise, calling the chain a “contrarian investment.”
The Block previously reported that daily profits for Ethereum stakers have also hit their lowest levels in six months.
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