Posted 10/11/2023, 2:24:12 PM
Ethereum Gas Fees Hit 2022 Low as NFT and DeFi Activity Decline
- Ethereum gas fees hit 8.8 Gwei on Oct 8, the lowest since Oct 2, 2022 (8.4 Gwei)
- Drop likely due to decreased activity in DeFi, NFTs, layer-2s, and Telegram bots
- NFT weekly trading volume at 2-year lows across marketplaces
- Top gas consumers like Uniswap, 1inch, MetaMask down 10%+ week-over-week
- Ethereum inflation rate turned positive on Sept 19 at 0.44% as gas fees and burn declined
- Just 7,084 ETH burned on Oct 10, lowest amount this year, adds 1,450 ETH daily
