Ethereum revenues and burn rate have reduced substantially, with a Galaxy analysis showing a boom in layer-2s usage since the Dencun upgrade.
Dencun upgrade went live in March this year. While it had the desired effect of making layer 2s scalable and cost-efficient, it has also had an unintended downside.
Galaxy researcher Christine Kim notes that since this upgrade, the Ethereum network has seen a decline in revenue and burn rate.showed that since the 13th of March, when the Dencun upgrade went live, ETH’s burn rate has dropped by around 0.18%.Besides the surging TVL, Galaxy noted that transactions on layer-2s have more than doubled to 6.6 million transactions since Dencun. This increase comes as transaction costs also reduced significantly.
The research attributed this failure rate to bot activity. Due to the low transaction costs, addresses making over 100 transactions per day, which are likely bots, have increased.The decreasing revenue and slowing burn rate on Ethereum have stifled ETH price growth. Ether is down by 22% in the last 30 days, a significant gap from Bitcoin’s 7.5% dip.
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