Key Points:
Gas prices have been low for more than two months, confirming part of a larger Ethereum pattern of slowly moved transactions and a decrease in congestion.
In the last four and a half months, the entire supply of ETH increased from 120,063,605 to 120,291,622. This supply increase, equivalent to 228,000 ETH, probably means it kept issuing new issuance at a stable pace despite reduced activity.
Read more: ETHWarsaw 2024 Conference and Hackathon returns for its third edition
Ethereum’s inflation rate must, too, have increased accordingly. Annualized, it will bloat to 600,000 ETH. With the current supply and pace of issuance, this would mean an annual inflation rate of 0.5%.
Going below 2 Gwei means the gas fees a user has to pay have declined, which is highly favourable for their end but signals a low-activity phase on the Ethereum network. In most cases, this shows that the demand for the processing of transactions is low, which might be because of other factors, be it market conditions or a shift in user behaviour.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
Cayman Islands, UK, 22nd August 2024, Chainwire
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