$4.6 Billion in Ethereum Up in Flames - Blockscroll

$4.6 Billion in Ethereum Up in Flames

$4.6 Billion in Ethereum Up in Flames

Akansha Gupta
January 24, 2023
Ethereum, Crypto, News
0 Comments

Since the implementation of EIP-1559, a total of 2.8 million ETH, or nearly $4.6 billion at today’s values, has been pulled from circulation.

According to Ultrasound Money, the Ethereum protocol has burned more than 16,364 ETH in the previous seven days at an estimated pace of 1.62 ETH per minute.

The two categories—Open Sea and Uniswap V3 have destroyed approximately 8,000 ETH this week.

Since EIP 1559, growth has now decreased to -1.06% annually. Also, Ethereum is deflating faster than Bitcoin.

The token supply for the network has changed across several checkpoints and upgrades, as shown in the graph below. The dotted line indicates that the deflation trend is anticipated to endure for the following two years.

Signature Bank, Binance's Fiat Partner, Sets a Minimum Transaction Limit

Previous post

Signature Bank, Binance’s Fiat Partner, Sets a Minimum Transaction Limit

Next post

North Korea-Backed Groups Hacked $100 Million in Crypto: FBI

North Korea-Backed Groups Hacked $100 Million in Crypto: FBI

Get the Crypto News Stories into your Inbox

By subscribing, you accepted our Policy

Blockscroll believe that by providing objective and unbiased news coverage, we can help educate our readers and promote transparency and trust in the crypto space.

Read

Submit

Helpful Link

© 2023 Copyrights by Blockscroll. All Rights Reserved.