In 2024, Ethereum's gas fee revenue reached $2.48 billion, ranking first among all blockchains. This data reflects Ethereum's important position in the blockchain field. However, the same year, Ethereum's gas fees also hit a historical low, sparking different interpretations in the market regarding this phenomenon.

First, the reduction in gas fees may impact Ethereum's price and inflation. In August 2024, Ethereum's average network fee dropped to 2.15 Gwei, the lowest level in five years. This reduction in fees may influence the amount of ETH issued and consumed when using gas, which could subsequently affect the price. Additionally, due to the decrease in network fees, the total supply of ETH has increased since April​.

Moreover, the decline in Ethereum's gas fees may signal an upcoming surge in ETH. On August 12, 2024, gas fees on the Ethereum network fell to 2 gwei, sometimes even below 1 gwei. This phenomenon of low gas fees could be attributed to insufficient demand for block space and users gradually shifting towards Layer 2 scaling solutions​.

It is worth noting that despite the reduction in gas fees, key indicators such as daily transaction volume, active wallet addresses, and ERC-20 addresses on the Ethereum network remain healthy. This indicates that the Ethereum ecosystem is still functioning robustly.