Burning Metrics: Ethereum Burns 3.33 Million Ether Valued at $6.1 Billion in 21 Months

In the past 21 months following Ethereum’s London hard fork, the network has witnessed the destruction of over 3.33 million ether, valued at $6.1 billion. At present, roughly 3.51 ether is burned every single minute. Standing out as a prominent participant in the burn process since August 5, 2021, just below conventional ETH transfers, is [...]

The post Burning Metrics: Ethereum Burns 3.33 Million Ether Valued at $6.1 Billion in 21 Months appeared first on Crypto Breaking News.

View Details

Ethereum Pinned Below $2,000 Despite Network Burning Over 3 Million ETH

Ethereum prices remain below $2,000 months after the network initiated EIP-1559, trackers on March 28 reveal. Ethereum Prices Trending Below $2,000 ETH, the native currency of Ethereum, is currently trading at $1,717, stable on the last day and week but retracing from recent highs of around $1,850. The network has burnt over 3 million ETH from gas [...]

The post Ethereum Pinned Below $2,000 Despite Network Burning Over 3 Million ETH appeared first on Crypto Breaking News.

View Details

Ethereum burning spikes to new high on Yuga Labs’ NFT hype

Otherdeed NFTs top the “burn leaderboard” over the past seven days at roughly 55,816 ETH or 56% of all burns during that period.

View Details

Over 1 Billlion ETH Has Been Burned Since Ethereum EIP-1559

The Ethereum network has been burning ETH since the EIP-1559 first went into effect in early August. Since then, a portion of fees has been continuously burned, taking a large portion of the digital asset out of circulation. This hard fork had been implemented to combat the inflationary nature of Ethereum and it has been successful as countless blocks have been deflationary since the hard fork took place. ETH Burned Clocks 1 Billion The amount of ETH burned has risen along with fees on the network. Increased network usage had caused transactions costs on Ethereum to skyrocket and since EIP-1559 was implemented to burn a third of all fees, a higher volume of ETH has been constantly taken out of circulation. The number had quickly hit 1 million ETH, then 10 million, and by 100 million, the community had turned its eyes towards the billion mark. Related Reading | Institutional Buys Will Put Bitcoin At $500,000 In Five Years, Cathie Wood Ethereum hit this number on Wednesday when the total number of ETH burned on the network had crossed 1 billion. It only took a little over three months to hit this number and as burning ramps up on the network, it may take even less time to hit the 2 billion mark. At the current ETH price, the total amount of ETH burned comes out to over $4.2 billion. Prior to EIP-1559, all this volume would have gone into circulation, increasing the amount of circulating ETH, contributing to the inflationary nature of ETH. However, with the burn, Ethereum is headed towards a truly deflationary future. Impact Of Ethereum Burn Although Ethereum is not fully deflationary, the impact of the ETH burn has shone through the network in recent times. Some interesting stats show that ETH being put into circulation per mined block has reduced significantly. Since the hard fork, the net reduction has reached as high as 67.16%. Related Reading | Why This Crypto Billionaire Abandoned Ethereum Additionally, net issuance has also dropped in line with net reduction. Net issuance on the Ethereum network is currently sitting at 490,400 at the time of this writing. There have been 1,493,739 ETH rewards issued, translating to a little over $6.3 billion. While tips on the network have done significantly well, with over 200,000 ETH tipped so far, totaling $846 million. How Price Has Done In Contrast Ethereum’s price has done tremendously well since the burn began. Since August, the digital asset has hit multiple new highs and come close to testing the $5,000 resistance point. The asset has since taken a beating down along with the rest of the crypto market but it has held up above $4,000 despite bears trying to pull the price down. ETH recovers after dip | Source: ETHUSD on TradingView.com Indicators have remained bullish even when the market has not fared so well. Analysts have put the digital asset at $5,000 by year-end, propelled by the growth of DeFi. As more investors flock to the blockchain to take advantage of this new industry, Ethereum shows great promise of hitting this price before 2021 runs out. Featured image from Genesis Block, chart from TradingView.com

View Details

Ether Burning EIP1559 To Go Live Soon, Where Can You Watch The ETH Burn?

The post Ether Burning EIP1559 To Go Live Soon, Where Can You Watch The ETH Burn? appeared first on CryptoTicker.

View Details

Ethereum Monthly Burn Surpasses 146,000 ETH As Total Clears $6.5 Billion

Featuring Ethereum Improvement Proposal (EIP) 1559, the London hard fork introduced significant changes to Ethereum’s transaction fee mechanism. Users now pay a base fee that is subsequently burned, effectively removing ether from circulation forever. This approach significantly impacted the token’s supply, resulting in a monthly burn rate of approximately 146,000 ETH. The London Hard Fork [...]

The post Ethereum Monthly Burn Surpasses 146,000 ETH As Total Clears $6.5 Billion appeared first on Crypto Breaking News.

View Details

Ethereum inflation rises, threatens ultrasound money status: Report

Ethereums inflation rate hit a two-year high as layer-2 solutions curb transaction burns, challenging its deflationary promise, according to a new Binance Research report.

View Details

Ethereum Whale $4.5 Million Burn Shocks ETH Community, What’s Going On?

The crypto space is never lacking of events – from hacks to memecoins frenzy, to traders realizing huge profits from trades. This time, it is the action of a particular Ethereum whale that has caught attention, one that has the ETH community in shock as to the reasons for such action.  The mysterious whale in question with the Ethereum address ‘nd4.eth’ sent $4.5 million worth of Ether (2,500 ETH) to a ‘burn’ address, in a move that removes these tokens from circulation forever. This interesting event, which occurred on July 26, has led to a burning question on the lips of everyone – who is this mysterious whale? Who Is The Mysterious Ethereum Whale? Although there is currently limited information on the mysterious whale, Crypto Twitter has been able to dig up some information as to who this person might be. Recent Twitter discussions revealed that the user behind ‘nd4.eth’ was on Binance Leaderboard which shows the traders in profits on the platform.  Related Reading: Curve Finance Announces $1.85 Million Bounty For Stable Pool Exploiter Another Twitter user (@serialsexhaver) revealed that the trader had over $20 million in earnings on GMT long and “went all in on a btc short” and then deleted his account. The Tweet read: Last year he was on Binance leaderboard, made north on 20mill on gmt long, was giving away anons gmt sneakers and went all in on a btc short …then deleted his account This is also not the first time this particular user is doing something like this. According to information gotten from Web3 portfolio tracker DeBank, the “nd4.eth’ address had previously sent Wrapped Ethereum (WETH) to another burn address many times, with these transactions amounting to approximately $8,000 in total. The address still has a huge portfolio though, with close to $3.57 million staked on GMX and GNS. ETH price plunges to $1,823 | Source: ETHUSD on Tradingview.com Contributing To The Growth Of ETH While the crypto community continues to speculate the reasons for the ‘$4.5 million burn,’ there is no doubt that the ‘nd4.eth’ address has, for whatever reason, contributed to the growth of the Ethereum ecosystems.  His actions also further fuel the Ethereum as an ‘ultra-sound money’ narrative. Laurence Day, the creator of the Wildcat Protocol, jokingly commended the individual when he stated: “If you didn’t wake up this morning and say thank you to nd4.eth for contributing to the ultrasound money narrative, I want you to have a long, hard think about what you’re trying to achieve here.” Related Reading: Crypto Funds Vs Bitcoin Holders: Who Was The Better Performer In H1 2023 True to it, the burning of tokens makes it deflationary and is usually done to decrease the token’s circulating supply and help boost demand and increase its market value. Ethereum isn’t the only ecosystem that the said individual is contributing to.  According to a tweet from Lookonchain, the user “spent 5,330 $DAI to buy $GMX and $GNS on July 29 and also transferred 34.9 GMX ($1,989) and 600 GNX ($2,733) to the dead address.” Featured image from iStock, chart from Tradingview.com

View Details