September 22, 2021

Taylor Daily Press

Complete News World

Al meer dan $100 miljoen aan ethereum (ETH) vernietigd sinds London update

Over $100M of Ethereum (ETH) Destroyed Since London Update » Crypto Insiders

A whopping $100 million in Ethereum (ETH) The tokens have been destroyed in less than a week since the big ‘London’ update. This is evident from the data from Ethershine in a the money.

Last Thursday, the Ethereum network made a big prediction hard fork which submitted a number of new Ethereum Improvement Proposals (EIPs), including EIP-1559.

EIP-1559 provides a base rate for transaction fees on Ethereum. This rate depends on how busy the network is and is destroyed instantly and automatically after a transaction. More than 32,000 ETH worth just over $100 billion have been destroyed since the update.

Especially the relatively new Decentralized Finance (DeFi) in a Non-fungible token (NFT) Markets make a significant contribution to this. OpenSea, Uniswap and Axie Infinity are currently experiencing large volumes, and therefore the so-called combustion rate.

The price of ether rose last week from around $2,500 to $3,200, an increase of no less than 28%. However, it is difficult to determine if the rate of burn is to blame, as the price actually started to rise with Bitcoin around July 20.

By the way, the supply of ether is not declining at the moment. However, according to the ‘ETH Burn Bot’, there were several moments when the supply actually dropped, but overall more ETH is still being generated across the board. block rewards Then they are destroyed by the base price.

Before ether becomes an actual deflation, we will have to wait for the so-called “merger” or merger of the existing Ethereum network with the Ethereum 2.0 Beacon chain. Founder Vitalik Buterin recently reported that he expects this to happen within six months.

See also  An island like a crab and the largest football stadium in the world: Paranoid Evergrande projects