The average transaction fee on the Ethereum network has decreased to its lowest level in 2023 amid falling sales of NFTs, reduction in token trading month and Telegram bot activity.
According to Coin Metrics experts, the value of the indicator currently stands at $2.24.
According to Etherscan, the base price of gas does not exceed $0.6. However, selling an NFT on NFT marketplace OpenSea costs $2.05 in fees, and an exchange on the Uniswap V3 protocol $5.29.
The drop in network activity has resulted in Ethereum experiencing a period of inflation, one of the few after The Merge update.
According to Ultra Sound Money, since the transition to the Proof-of-Stake consensus algorithm, the supply of ETH has decreased by more than 300,000 coins due to the mechanism of burning part of the fees. However, in the last seven days, 4,131 ETH have been added to the market.