According to Foresight News , The Block reported that the daily ETH destruction of the Ethereum network has dropped to the lowest level this year, with only 610 ETH destroyed yesterday. According to Ultrasound.money data, Ethereum's supply has been inflated in the past week, with a supply growth rate of 0.49%, rather than the previous deflation. In contrast, the daily ETH destruction in the first four months of this year remained above 2,500-3,000 ETH.
The decline in ETH destruction is mainly due to the recent decline in average Gas fees, which currently hover between 5 and 10 gwei, one of the lowest levels so far this year. The continued decline in Gas fees is partly due to the shift of some activities to Layer2 scaling solutions, as well as the introduction of Blob transactions with the Dencun upgrade in March, which helped reduce Layer2 transaction costs.
