Ethereum gas fees have dropped to their lowest levels in years, driven by a surge in transactions on Layer 2 networks like Optimism, Base, Arbitrum, and Linea, where fees are now below $0.01. The Dencun upgrade in March, which introduced blob-based transactions, has been a key factor in this shift, leading to L2s processing more transactions per second than Ethereum's mainnet. While this has made on-chain transactions cheaper, it has also sparked concerns about network inflation, as fewer ETH are being burned, potentially leading to a significant increase in Ethereum's supply over the next year. Source: Beincrypto
2