@mendoncafedelle
The Ethereum network is currently experiencing its lowest level of ETH burning this year. Data suggests that the base fee briefly tumbled to a multi-year low of almost 0.8 Gwei.
This significant drop in base gas fees has led to a reduction in ETH issuance, with only 210 ETH burned on August 10th, which represented a record low for 2024, according to ‘Ultra sound Money.’
This is a huge drop from the figure recorded on August 5, when base fees spiked to around 100 Gwei, causing the daily ETH burn to soar to 5,000 ETH. As a result of these low gas fees, the network’s inflation rate has surged, with net ETH emissions surpassing 2,000 ETH.
In response to this inflationary trend, Gnosis founder Martin Köppelmann has proposed temporarily raising the gas limit to increase Layer 1 activity.
In his latest tweet, Köppelmann noted that the base fee is currently at a multi-year low of around 0.8 Gwei, while a base fee of 23.9 Gwei would be necessary to offset staking rewards.
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