Recent ethereum daily coin-based fees hit a yearly low, comparable to pre-DeFi outbreak levels

The 7-day average of total daily Ether fees is about 1,937 ETH, a new low for the year

June 17 (Bloomberg) — Ether’s daily fees have continued to go lower recently. According to glassnode, on June 16, the 7-day average value of Ether’s total daily fees was about 1,937.57 ETH, a new low so far this year; it has dropped about 89.32% from the 7-day average value at its peak in February this year. In terms of historical levels, the 7-day average value of Ether’s total daily fees has now dropped to the level at the beginning of June last year, which is comparable to the level before the development of DeFi ecosystem.

Recent ethereum daily coin-based fees hit a yearly low, comparable to pre-DeFi outbreak levels

The lower handling fee may be related to the declining activity of transactions on the chain. According to Etherscan, the number of daily transactions on Etherscan has been on a downward trend since May 11, and yesterday, the number of transactions on Etherscan was about 1,211,000, which is at a low level for the year and has dropped by over 30% from the year’s peak. The inactivity of on-chain trading is also reflected in DeFi, where the average daily lock volume has been “shrinking” for three consecutive weeks, and the average daily trading volume of DEX has also dropped significantly for three consecutive weeks, according to the weekly data observed by PAData.

Recent ethereum daily coin-based fees hit a yearly low, comparable to pre-DeFi outbreak levels

It is worth mentioning that the coin-based revenue from Ether fees will continue to decrease as future EIP-1559 proposals are implemented on the main network starting in July. Currently, the test network of EIP-1559 is already running, and according to the data on ETH Burn, the test network deploying EIP-1559 has already destroyed about 697.82 ETH so far.

Recent ethereum daily coin-based fees hit a yearly low, comparable to pre-DeFi outbreak levels

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