TechFlow news, on September 23, according to The Block, as of September 21, 2024, the seven-day moving average of Ethereum transaction fees reached $3.52, a 314% surge compared to $0.85 on September 1. This figure is significantly higher than the recent low hit in early September—the lowest since July 2020—when average transaction fees briefly dropped below $1.
Rising transaction fees have driven a sharp increase in ETH burn rate. On September 21, daily ETH burned reached 1,360, up 1,600% from 80.27 on September 1. Uniswap and its V2 version became the most gas-consuming smart contracts over the past 30 days.
However, network activity has not increased alongside transaction fees. The number of active Ethereum accounts has declined to a year-to-date low of approximately 385,000, an 11% drop from the beginning of the month, marking the lowest level since December 1, 2023.
