Ethereum network daily ETH destruction hit a record low last Saturday
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News: Last Saturday, the Ethereum network burned only 53.07 ETH in a single day, which is worth approximately $106,000 at current prices, marking a historic low and indicating a significant decrease in demand for Ethereum block space. The EIP-1559 change simplified the transaction fee process and requires the network to burn all ETH used for paying basic transaction fees. This mechanism aims to reduce inflationary pressure and potentially make Ethereum a deflationary asset during network activity peaks. Additionally, the seven-day moving average of active addresses recently dropped to its lowest level since October 2024. In recent weeks, the number of new address creations, transaction counts, and daily transaction volumes have also declined. (Block)
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