Ethereum (ETH) Revenues From Fees Drop to 3-Year Low Amid NFT Bust, Layer 2 Adoption

The proliferation of layer 2s, which have been developed to help Ethereum scale and increase its capacity, has also contributed to bringing down fees, the report noted. While the development is positive for Ethereum users who can execute transactions cheaper than before, it impacts ETH’s supply by keeping it inflationary by burning fewer tokens than new issuance.

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