Can you believe it? Now a single ETH transfer costs only 2 cents.

In June, it was implemented, and the official documentation clearly states:

Gas limit: 60 million → 200 million (a 3.3x increase)

TPS: around 1,000 → target 10,000 (a 10x boost)

Gas fees: directly plummeted by 78.6%

ePBS: Block construction is finally becoming decentralized (though it might just be a different form of centralization)

For users, this is good news.

Now, trading on Uniswap that used to cost $3 might only cost 60 cents. Or even less.

Feels great, right? It does.

But here’s the question—

Who is still burning ETH?

Since EIP-1559, what is the logic behind ETH’s deflation?

More transactions → higher gas fees → more burning → reduced supply → price increases.

Now, gas fees have dropped by 78.6%.

In other words, the same transaction burns ETH that is directly reduced to one-fifth of the original.

To maintain the same burning volume, on-chain transaction volume must increase fivefold.

Glamsterdam says TPS is increased tenfold, theoretically capable of handling more transactions.

But the question is—

Will anyone come?

Data shows that the average daily transaction volume on Ethereum L1 in May 2026 is 12% lower than the same period last year.

Because everyone has already moved to L2. ARB, OP, Base… who’s still minting on L1?

L2 accounts for over 95% of execution activity.

L1 has become like a “verification machine,” not a “playground.”

You built a 10-lane highway,

but all the cars are taking the side roads.

The data is clear:

Currently, only 671 ETH are burned daily.

Compared to a few months ago, which was 2,500–3,000 ETH.

The inflation rate has shifted from –0.3% (deflation) at the start of the year to about +0.6% (inflation).

If Glamsterdam reduces gas fees by another 78.6%,

burning could drop below 300 ETH per day, almost a certainty.

At that point, ETH will no longer be a “super sound currency.”

It will just be an ordinary asset with an annual inflation of 1.2%.

You say 1.2% isn’t high?

Whether high or not doesn’t matter.

What matters is—the biggest narrative of “super sound currency” is shattered.

Once the narrative breaks, retail investors’ faith will fracture.

When faith cracks, how can prices hold?

I used to believe:

The more expensive ETH is → the more cautious people are → but burning is also more intense → so it gets more expensive, a positive cycle.

Now I see a different script:

Gas is cheap → less burning → inflation → selling pressure → price drops → even fewer users.

That’s not a positive cycle; it’s a death spiral mirror.

Yes, technological upgrades are impressive.

But impressive technology doesn’t necessarily lead to impressive prices.

After Glamsterdam, ETH’s economic model will enter an unverified, uncharted territory.

Some will win, some will lose. #Gate广场五月交易分享 $BTC $ETH