Ethereum Issuance Drops Below Bitcoin’s For the First Time, Why This May Lead...
Ethereum has been on a rally for the past week, moving from a two-month low at $1,700 to its current level at $3,223. Several factors have pushed the crypto market into a new rally, but most seem to gravitate around ETH and its ecosystem. After the implementation of EIP-1559, Ethereum’s native token became a deflationary asset due to the change in its fee mechanism. To validate transactions on the network a portion of ETH is “burn”, meaning send to an address that no one can access. As a consequence, ETH has been gaining traction as a store of value asset, for some experts, even more,....
Related News
Ethereum’s inflation rate has come under the microscope heavily over the past year as Bitcoin has undergone its halving. Many Bitcoin-focused investors in the space criticize the number of changes made to ETH issuance, including the dissolution of the ice age (which increases issuance) and the implementation of Proof of Stake over Proof of Work. […]
Bitcoin, even after losing almost 72% of its November 10, 2021 all-time high value of $69,044, still holds a commanding lead over its closest rival, Ethereum. The crypto alpha showing the way in terms of trading price and total market capitalization has always been the norm, as the altcoin king remains several steps away. At […]
More than $65 million worth of ETH is currently being burnt daily by the Ethereum network. The Ethereum network has seen its first consecutive week of negative supply issuance as bubbling markets drive persistently high transaction fees.With the highly anticipated London upgrade introducing a burn mechanism into Ethereum's fee market in early August, a small quantity of Ether has since been destroyed with every transaction executed on the network.With gas prices sustaining at high levels, Ethereum has seen seven consecutive days of deflationary issuance for the network, meaning that more....
Months before Ethereum transitioned from proof-of-work (PoW) to proof-of-stake (PoS), a simulation of The Merge had shown the network’s issuance rate would drop following the ruleset change. Statistics now show that the simulation’s predictions have come to fruition as the network’s issuance rate has slowed significantly since September 15, following the Paris Upgrade that triggered The Merge.
Ethereum’s Issuance Rate Sinks Lower Post-Merge
Since August 5, 2021, Ethereum has changed from being inflationary to deflationary by introducing the ruleset....
Focus is now “exclusively on The Merge,” says Ethereum community manager as the deadline for the next stage of the transition to Eth2 grows closer. The Ethereum community has been hard at work over the past few years, laying the foundation for its shift away from its current proof-of-work (PoW) algorithm which has formed the backbone of the blockchain’s operation up until today.Ethereum’s switch to its proof-of-stake- (PoS-) powered Ethereum 2.0 chain is edging closer to reality, with recent updates to its blockchain resulting in the issuance of Ether (ETH) becoming deflationary.Recent....