According to IntoTheBlock, following the Dencun upgrade, Ethereum Mainnet fees have reached an all-time low due to a surge in Layer 2 (L2) transactions. The implementation of EIP-4844 has reduced Layer 2 costs by a factor of ten, leading to unprecedented activity levels. However, the decrease in fees burned has resulted in Ethereum (ETH) becoming inflationary, reversing its previous deflationary trend.