Ethereum's supply has turned inflationary due to a decline in on-chain activity and the resulting fall in gas fees on the network.
, Ethereum recorded a cumulative $1.7 billion in NFT sales volume in the first two months of the year, logging a month-on-month growth of 39% jump between January and February.
Further, trading volume on decentralized exchanges housed within Ethereum rallied significantly between January and March, according to data from . Between 1 January and 10 March, the total volume of transactions completed through Ethereum-based on-chain DEXes increased by more than 3000%After its brief stint at the “top,” PEPE’s trading volume waned steadily. As fewer investors transacted the altcoin, user activity on Ethereum trended downward. This resulted in a decline in gas fees on the network. This stood at 11.1 GWEI at press time, falling by 92% from the 5 May peak.
Regarding NFT activity on the blockchain, this was beaten down by the general decline in market interest in the asset category. Since February, the sales volume of Ethereum-minted NFTs has dropped by 77%. For context, in February, sales volume totaled $969 million. By the end of August, this was less than $250 million.As for the chain’s DEX trading volume, it has trended downward since the 10 March peak. Data from Artemis showed that at 1.
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