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

Firstly, the reduction in gas fees may impact Ethereum's price and inflation. In August 2024, the average network fee for Ethereum dropped to 2.15 Gwei, the lowest level in five years. This decrease in fees may affect the issuance of Ethereum and the amount consumed when using gas, which in turn may influence its price. Meanwhile, due to the decline in network fees, the total supply of ETH has increased since April.

Moreover, the decrease in Ethereum's gas fees may signal that ETH is about to experience a significant surge. On August 12, 2024, the gas fees on the Ethereum network dropped to 2 Gwei, sometimes even below 1 Gwei. This phenomenon of low gas fees may be due to insufficient demand for block space and users gradually shifting to Layer 2 scaling solutions.