The ethereum network is witnessing a drastic reduction in the amount of gas used, as total gas usage recently plummeted to 4,507,912,628 – a low last witnessed in October 2022.
This gradual reduction in gas usage comes amidst the market-wide correction that has battered ethereum (សាកលវិទ្យាល័យ ETH) ខាងក្រោម $ 1,600 ។
The previous 4-month low was observed on Feb. 8, according to data from a Glassnode chart shared earlier today. The blockchain data provider revealed that since reaching a peak a few weeks after the Merge last year, the ethereum gas usage has continued to decline, persistently hitting lower lows of late.
Source: https://crypto.news/ethereum-total-gas-usage-just-hit-a-4-month-low-amid-a-price-slump/