ETH transaction volume is not as high as BTC’s handling fees, should we abandon it?

According to the latest data, Ethereum’s base fee has dropped to a multi-year low of just 0.8 gwei. Gas fees paid by users are used to ensure that the network is free from spam attacks and to maintain the validity of transactions.

The basic gas fee is the minimum fee that users need to pay for transactions to be uploaded to the chain. If they want the transaction to be completed faster, users can choose to pay a higher fee. Ethereum’s gas fees are closely related to network demand, peaking at $196 in May 2022.

Ethereum network fees have dropped significantly since the upgrade. The upgrade introduces technology that improves the scalability of the network, making transactions faster and cheaper.

However, the continued decline in fees challenges Ethereum’s deflationary narrative. According to the data, only 7,729 ETH were burned in the past seven days, while 18,064 tokens were issued during the same period. In fact, data from Fidelity shows that in the second quarter of this year, the Ethereum blockchain experienced its highest inflation levels ever, with more inflationary quarters expected to come.

Juliet believes that we cannot abandon SOL because we cannot enter the channel to buy due to the recent rise, nor can we abandon ETH due to its recent weakness. The most correct choice is to hold the coins within your own knowledge.

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