The Ethereum Dencun upgrade There have been some notable developments in the lead up to this date. The cost of the product is not the only thing to consider. ETH The amount of ETH burned has increased significantly in recent months, reaching new highs.
More than 50,000 ETH burned
The Ethereum Burn, which was introduced with the EIP-1559 upgradeThe growth of has been accelerating over the past 12 months. The ETH burnt from fees on blockchain has quickly exceeded the $100 million mark and now has reached a new landmark.
According to Ultrasound MoneyOver 1.5 million ETH have been burned since EIP-1559 has been implemented. The more accurate number is 1,502 518.84 ETH As of the date of this writing, it is worth more than $5.6 Billion at current prices.
The network is now deflationary as the number of ETH burned has greatly exceeded that of ETH released. In comparison to the 1,502-518.84 ETH burnt, there were only 1,089-809.20 ETH minted in the same time frame. This shows that supply hasn’t increased despite the new issue. ETH The old stock that is already in circulation will also be burned.
When the upgrade In 2022, there were 120,521,245. Since then, the burning has slowly eaten away at this number, which is now 120,108.332 ETH. This means that ETH has decreased by 412 706 ETH Worth $1.55 billion from 2022
The Ethereum Dencun Upgrade is on the Horizon
The Ethereum Dencun upgrade This is just the latest of many upgrades to improve this network. This upgrade It is expected that the network will be upgraded in terms of efficiency and capacity.
It was launched on all testnets last week This is the last phase before launch. The launch has taken place. scheduled to take place less than a week from now on March 13. After completion, it is expected that the block space will increase.
Presently the ETH price It is performing well leading up to the upgrade. It was recently touched $3,900 for the first time since 2022The altcoin has a high trend, even though there was a slight retracement.
Source:| Source: ETHUSD on Tradingview.com
Chart from Tradingview.com, image from Crypto News
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