The recent increase in transaction fees on the Ethereum network has caught the attention of the crypto community. This increase has also led to a significant increase in the Ethereum burn rate. Uniswap and various crypto trading bots are among the highest gas consumers on the network. Here are the latest trends and developments regarding the rising transaction fees on Ethereum and their impact on the network.
Ethereum Transaction Fees Have Increased in Recent Weeks
The average transaction fee on the Ethereum network reached $3.52 by the end of September 2021, a significant increase from the $0.85 level on September 1, 2021. This increase represents a notable change considering that fees fell below $1 at the beginning of the month for the first time since July 2020. Rising transaction fees have sparked concern and debate in the crypto community due to their impact on the overall usability and economic model of the network.
This increase in fees has also caused a huge increase in the Ethereum burn rate. On September 1, the burn rate was 80.27 ETH, while on September 21, this figure jumped to 1,360 ETH. This represents a 1600% increase in three weeks. This increase in the burn rate is directly related to higher transaction costs, which in turn affects market dynamics by reducing the circulating supply of ETH.
Uniswap continues to be one of the most gas-consuming applications on the Ethereum network. With its v2 version, it provides significant user activity and liquidity in the decentralized exchange space. Additionally, crypto and NFT trading bots such as Maestro and Banana Gun are also significant gas consumers. These trends suggest that user participation on the network is evolving and various applications are increasing their gas fees.
Despite the increase in transaction fees, the seven-day average of active accounts on the Ethereum network has declined. Since the beginning of the month, active accounts have decreased by 11% to around 385,000. This decline is attributed to higher transaction costs making it uneconomical for smaller transactions and users.
Market Sentiment and Staking Income
Market sentiment around Ethereum has been particularly notable, especially considering the recent decline in its market cap to Bitcoin. Ethereum’s market cap to Bitcoin has seen some recovery, having reached its lowest level since 2021. Bitwise CIO Matt Hougan noted that Ethereum is currently perceived as a “contrarian bet,” suggesting that there are differing views on its long-term value proposition. Additionally, daily income for Ethereum stakers has fallen to a six-month low, potentially making efforts to secure the network unprofitable.
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