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Overview of Ethereum’s Inflationary State Post Dencun Upgrade

CryptoSlate recently highlighted a significant development in the Ethereum ecosystem, noting that the Dencun upgrade has put Ethereum into an inflationary state. This upgrade has led to a reduction in the burn rate and a subsequent decrease in gas fees, coinciding with a rise in transactions settled on Ethereum Layer 2 solutions.

Leading up to the Bitcoin halving and amidst much of 2024, Ethereum faced higher transaction fees compared to Bitcoin. However, the dynamics shifted around the halving period, with Bitcoin fees briefly surpassing Ethereum’s fees in this timeframe.

Recent data from Glassnode indicates that since April 29, the fees for both Ethereum and Bitcoin have been approaching parity, marking a notable shift in fee dynamics across the two blockchains.

The most recent Glassnode data from May 12 highlights that Ethereum’s 7-day moving average fees amounted to $2.8 million, marking the lowest fee level since October 2023, when Ethereum was priced around $1,800, significantly lower than the current price of just below $3,000.

On the other hand, Bitcoin’s fees have seen a fourfold increase since October 2023, with current fees hovering around $2 million, compared to roughly $500,000 during the same period in 2023. Despite the fee dynamics, each fee surge since May 2023 has led to a higher peak in fees.

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