Ethereum Network’s Active Account Count Drops to Lowest Level Since December 2023

In early September, Ethereum’s average transaction fees fell below $1 for the first time since July 2020. However, over the past few weeks, Ethereum’s 7-day moving average transaction fees have surged, with the latest figure reaching $3.52 on September 21, more than three times the $0.85 recorded on September 1. The rise in transaction fees has also significantly increased Ethereum’s burn rate. This figure skyrocketed from 80.27 ETH on September 1 to 1,360 ETH on September 21, marking a 1600% increase in just three weeks.

Over the past 30 days, Uniswap and its V2 version ranked first on the list of gas-consuming smart contracts on the Ethereum network. Additionally, Telegram-based crypto and NFT trading bots Maestro and Banana Gun were also among the top gas consumers.

Moreover, transfers and transactions involving stablecoins Tether (USDT) and Circle’s USD Coin (USDC) were listed among the top network activities. Despite the surge in transaction fees and burn volume, the 7-day moving average of active accounts on the network has significantly dropped, reaching its lowest level of the year. The count has decreased by 11% since the beginning of the month, currently standing at approximately 385,000 accounts—the lowest level since December 1, 2023.