Onchain activity is picking up once more and we are experiencing higher gas prices for onchain transaction once more. Having to pay $20-30 just for a swap sucks but hey that's why we have alternate Layer 1s and Layer 2s nowadays, with how mature SOL, BNB, AVAX, Base, ARB, OP, and MATIC ecosystem are, most of the usual onchain activities can be done on them instead of doing it on  ETH and forking out so much for gas.

HOWEVER, one great thing about onchain activity picking up once more is that

Ethereum is once again deflationary! With sustained activity, the newly introduced supply through staking will be lower than the amount that is burned through network activity!

A total of 1,029,703.93 ETH has been burned while a total of 774,079.59 ETHhas been introduced through staking ever since the Merge, which is 405 days ago!