According to recent data from IntoTheBlock, Ethereum mainnet fees hit a record low on October 6th following the Dencun upgrade, which saw a surge in Layer 2 transactions. The implementation of EIP-4844 led to a 10x reduction in Layer 2 costs, resulting in a record number of transactions on the network.
However, it’s worth noting that with the decrease in Ethereum burned, ETH has shifted from a deflationary to an inflationary model.
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