Ethereum Continues to Burn as Price Pushes New Highs

Written By Guest User

  • The Ethereum network continues to burn its native currency Ether ($ETH) as network usage and transactions grow to unprecedented levels.

  • The Ethereum Improvement Proposal (EIP) 1559 update in August has introduced a deflationary protocol that destroys a small amount of ETH with every transaction made on the network.

  • Over 731,223 ETH have been burned so far, equating to a value of about $3.2 billion dollars.

  • With network usage and gas fees at holding at high levels, Ethereum has now seen seven consecutive days of deflationary issuance, meaning that more ETH is being burned than is created through mining.

  • As a result we have seen the resulting ETH in circulation raise in value. This week Ethereum has reached new all time highs of about $4481 per coin.

Guest User
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