Monday, June 17, 2024
13.2 C
London
HomeCrypto AnalysisEthereum Supply Deflationary as 66,000 ETH Burned in 2023

Ethereum Supply Deflationary as 66,000 ETH Burned in 2023

According to market intelligence platform IntoTheBlock, Ethereum’s supply has decreased by 66,000 ETH in 2023 due to the transition to proof-of-stake (PoS) consensus.

The new mechanism involves burning a fraction of ETH transaction fees, making Ethereum a deflationary currency. This news is significant for crypto enthusiasts seeking scarce digital assets.

The upcoming Shanghai-Capella upgrade, scheduled for April 12, 2023, will introduce validator staking withdrawals to the main network through Ethereum Improvement Proposal (EIP) 4895. The current ETH price is around $1,816.52, with a 26% increase in the past week.

Sourcefinbold

DISCLAIMER

As per the principles outlined by the Trust Project, Cryptozia remains dedicated to delivering impartial and transparent reporting. This news article is intended to offer precise and punctual information. Nevertheless, it is recommended that readers autonomously corroborate the facts and seek advice from a qualified expert prior to making any decisions reliant on this content.

latest articles

explore more