Krutika Adani
Data from The Block reveals that Ethereum Mainnet has seen a 27% decline in the monthly transaction fees. The revenue in August was $27.99 million, while it was $38.32 million in July 2024.
The crash in Ethereum seems to be the top reason for the revenue crash because only gas prices were behind it.
Despite a 99% decrease in gas fees, the increased network utilisation has mostly compensated for the loss in gas fees. Still, low gas prices appear to be a key reason for the fall in Mainnet revenue.
The number of transactions between July and August declined slightly by 5%, possibly due to ETH’s bearishness.
Ethereum has been desperately trying to stay above $2500 levels but has been having a tough time due to ETH sales by Grayscale.