Ethereum | Daily record burned ETH
Ethereum | Daily record burned ETH Ethereum | Daily record burned ETH

The fee burning mechanism introduced to the Ethereum network is accelerating day by day due to increased network load and increased base fee.

In the last 24 hours, there has been an ETH burn of more than $35 million, which is a record number of coins burned in a single day. In addition to the large number of burned coins, Ethereum has added over 6.2 million addresses containing 0.01-1 ETH to the network since the beginning of 2021.

Since the introduction of the EIP-1559 update, the situation is

as follows: eth spalone source: link; data as of 10-09-21, 12:37

Deflation came earlier than expected

The

large volume of combustion on the network inevitably led to the formation of deflationary blocks. At one point, the number of deflationary blocks (when less ETH was mined than burned) caused us to have situations like “deflationary days”. Economically, deflation works in favor of long- and medium-term ETH holders who were able to accumulate a large number of Ethereum coins before the EIP-1559

update.

Previously, analysts and experts expected Ethereum to become deflationary later this year. The large minting dimension in various NFT projects and general network overload led to the current state. Most likely, once the NFT volume decreases, the base fee and burn dimension will also decrease.

More and more people are hoarding ETH

Despite the fact that the supply of ethereum in circulation will continuously decrease, according to on-chain data, the demand for this coin is gradually increasing. At the time of this writing, more than 6.2 million addresses hold more than 0.01 ETH

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. The growing number of ethereum holders remains a sign of positive sentiment in this market.

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