Ethereum's network is currently experiencing significant changes, with key metrics such as daily average gas fees and destruction volumes reaching new lows. According to a recent analysis by CryptoQuant analyst EgyHash, Ethereum's daily average gas fee has dropped to a record low of just 2.9 Gwei, while the average daily fee in US dollars has also hit a multi-year low of only $0.85.

This decline in gas fees has directly impacted Ethereum's daily destruction volume, which has fallen to a historic low of 115 ETH per day. The destruction rate refers to the amount of ETH permanently removed from circulation, typically as part of the network's deflationary mechanism.

Interestingly, despite the drop in gas fees and destruction volumes, Ethereum's daily transaction volume has remained stable or even increased compared to the same period over the past two years. This suggests that network activity remains robust, even as the cost of transactions has decreased.