The ETH burn rate has reached a low for the year, with the daily burn volume once dropping to 210 ETH
The daily amount of ETH being burned on the Ethereum network has dropped to a low for the year. As of press time, the base fee for this network is hovering between 1 and 2 gwei, hitting a multi-year low, which in turn affects the issuance of ETH. Due to lower gas fees, only 210 ETH were burned last Saturday. In contrast, on August 5th when gas fees reached about 100 gwei, the daily burn rate soared to 5000 ETH.
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