On July 6, Vitalik Buterin unveiled a multi-year transformation initiative called 'Lean Ethereum' targeting 10,000 transactions per second. This overhaul is positioned as the third fundamental evolution of the network, comparable in scope to the 2022 Merge. On July 8, Ethereum mainnet gas fees dropped to 1 gwei, providing a rare window for low-cost transactions. On July 9, Ethereum gas fees fell to as low as 1 gwei, significantly slowing the network's ETH burn rate.
Ethereum gas fees have dropped to multi-year lows, significantly slowing the ETH burn rate and testing the network's long-term deflationary supply model.
Read the full storyEthereum mainnet gas fees hit a record low of 1 gwei, offering a rare opportunity for cost-effective on-chain transactions during a period of low congestion.
Amid a significant shift in market sentiment, Ethereum has surged by 12% since the beginning of July.