Ethereum’s 58% Fee Drop Has a Catch for ETH Holders

Ethereum’s mainnet averaged 2.17 million daily transactions from January through October, up 54% from the same period a year earlier, while the average daily median fee fell to 3.5 cents from 35 cents. Total fees paid in ETH dropped 58% to 67,665 ETH, and ETH supply rose by about 842,000 coins to 122.18 million by October 31. Ethereum Institutional, a nonprofit funded by BitMine, SharpLink, Joseph Lubin and Mihai Alisie, published the activity and cost data on November 5 and said it does not speak for the Ethereum Foundation. Per-transaction fees fell about 73%, and the ETH destroyed through fee burning covered less than 3% of issuance, leaving net supply growth.