tl;dr
Ethereum gas fees have dropped to their lowest level in years due to increased transactions on the network's layer-2 solutions, making on-chain transactions much cheaper. The average gas fee on the Ethereum mainnet briefly fell below 1 Gwei but has since risen to around 2 Gwei ($0.06), with some tra...
Ethereum gas fees have reached a multi-year low, driven by increased layer-2 transactions, sparking discussions on long-term impact and concerns about network inflation.
The average gas fee on the Ethereum mainnet briefly fell below 1 Gwei but has risen to around 2 Gwei ($0.06), with some transactions still incurring fees of up to 5 Gwei ($0.22).
Layer 2 scaling solutions also see reduced fees, with average fees below $0.01. The drop is attributed to the Dencun upgrade in March, boosting Layer 2 transaction volumes.
However, concerns about network inflation have arisen, as fewer ETH being burned has led to a rise in the network's supply. This could expand Ethereum's supply by over 943,000 ETH within the next year.
Market observers link the decline in gas fees to the introduction of blob-based transactions with the Dencun upgrade, increasing Layer 2 transaction volumes. Prominent layer-2 networks like Base and Arbitrum now process more transactions per second than Ethereum itself.
Some stakeholders advocate for increased Layer 1 activity, while others express concerns about network inflation with the growing ETH supply counteracting the previous deflationary trend.
If this trend continues, Ethereum's supply could expand by over 943,000 ETH, equivalent to $2.5 billion, within the next year.
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Cboe Global Markets Inc Summary
Cboe Global Markets is an American company that owns the Chicago Board Options Exchange and the stock exchange operator BATS Global Markets.
Industry: FINANCE, SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES
Stock Code: 21012601000
Current Price: $27.78
Day's Range: $2.20 - $7.23
52-Week Range: $36.07
Market Cap: $0.202B
Volume: 3,808,700,000
EPS: $199.08
P/E Ratio: -0.153
Dividend Yield: 0.073
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