According to data from IntoTheBlock, the Ethereum blockchain’s network fee revenue fell to its lowest level since April 2020, down 90% from its high in May this year.
Data shows that over the past 30 days, due to low blockchain activity, the supply of ETH tokens has increased by 33,500 ETH, worth approximately $52 million.
Lucas Outumuro, director of research at IntoTheBlock, said that the decline in fees is testing ETH’s ultra-sound money thesis, and as speculation dries up and users continue to migrate to L2, network fee revenue is likely to remain low.