The Ethereum network burned 210 ETH on August 10, setting a new yearly low.
On August 12, according to The Block, the daily ETH burn rate on the Ethereum network has dropped to the lowest level this year. The base fee is currently fluctuating between 1 to 2 gwei, which is one of the lowest levels observed in recent years. On Saturday, only 210 ETH were burned, setting a new low for the year, but the net ETH issuance for the day exceeded 2,000 ETH, indicating an inflationary trend in Ethereum.
In comparison, on August 5, the burn rate reached 5,000 ETH, with gas fees at around 100 gwei. Gnosis founder Martin Köppelmann pointed out that the base fee is at a multi-year low of around 0.8 GWEI, while the amount required to offset staking rewards is 23.9 GWEI.
