What It Means for Ethereum
and why Ethereum fees have dropped.
Journalist
- The Dencun upgrade enabled several L2s to expand rapidly.
- In the past 24 hours, ETH’s price has turned bullish.
Following the Decun upgrade, Ethereum [ETH] experienced substantial transformations within its ecosystem. Consequently, ETH’s fees plummeted to an all-time low, significantly impacting the token’s deflationary nature.
The pressing question remains: will ETH’s price be influenced by this development?
Is Ethereum evolving?
A recent tweet by IntoTheBlock disclosed key updates: post-Dencun, Ethereum mainnet fees reached unprecedented lows while transactions on L2 surged dramatically. EIP-4844 achieved a reduction in L2 costs by 10x, sparking record activity levels.
This surge greatly benefitted L2s as their transaction numbers and general usage sharply escalated recently. However, there’s more to note—lower fee burning rates have rendered ETH inflationary again after a period of deflation.
Source: X.
The presence of deflationary tendencies is typically viewed positively; a declining supply generally raises an asset’s value potential. To understand how this applies now with ETH experiencing the reverse trend prompts inquiry into its future performance prospects.. According to CoinMarketCap after a week of decline in pricing momentum, bulls have regained control over the market with values rising over 2% in just the last day..;paddingcoding
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