The Ethereum network has seen the daily amount of ETH burned drop to its lowest level this year — mainly driven by a recent drop in average gas fees.

Currently, gas fees are hovering between 5 and 10 gwei, which is one of the lowest levels seen year-to-date and affecting ETH issuance.

The decrease in network fees has resulted in fewer ETH being burned. On Sunday, the amount of ETH burned was a mere 610 ETH — marking a record low for this year as Ethereum’s gas fees remained minimal.

In comparison, the daily amount of ETH burned throughout the first four months of this year remained above 2,500–3,000 ETH.

The ongoing decline in gas fees is partly due to a shift in activity to Layer 2 scaling solutions as well as the growing adoption of blob transactions that were introduced with the …