As Ethereum gas usage plummets, how has the network fared

• Ethereum’s total gas usage declined to around 107.6 billion from 107.9 billion.
• Fees have also decreased recently.

Recent data indicates a significant decrease in Ethereum [ETH] gas usage. Has a decrease in network interactions accompanied this decline in gas usage?

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Ethereum gas usage sees a sharp drop

As per a recent update from Glassnode Alerts, Ethereum has experienced a recent reduction in its daily gas consumption. According to their report, this decrease marked the lowest gas usage observed over the past month.

The provided chart illustrates that ETH gas usage has fallen to approximately 4.4 billion. As of this report, the total gas consumption was approximately 107.6 billion. Before this decline, the total gas usage had exceeded 107.9 billion.

Source: Glassnode

Ethereum addresses see a slight impact

According to Santiment’s 30-day active addresses chart, there has been a recent uptrend in the number of active addresses, suggesting an increase in the addresses engaging with the network. The chart illustrated a rise from approximately 5.7 million to over 6 million as of the latest data available. 

Source: Santiment

However, when examining the daily active addresses metric, it’s evident that there has been a decline in recent days. As of 14 September, there were more than 452,000 daily active addresses, but this number dropped to around 373,000 by 16 September.

At the time of this report, the number has further decreased to approximately 140,000.

Transaction fees drop to second-lowest

The volume chart on Santiment revealed a recent decline in Ethereum’s trading volume. On 14 September, the volume was recorded at over $5 billion, but it subsequently dropped to approximately $3.7 billion on 16 September. As of this writing, the volume was around $2.7 billion.

Source: Santiment

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Additionally, according to data from Crypto Fees, Ethereum has maintained its position at the top of the list in terms of transaction fees despite the drop in gas usage. However, upon closer examination, it’s evident that transaction fees have been decreasing over the past few days.

As of this report, the fee was slightly over $2.4 million, and this decline in fees appears to be a consistent trend. Notably, this fee was the lowest that the network has seen in over three months, with the previous lowest fee recorded at $2.2 million on 10 September.