{"id":196170,"date":"2021-10-31T12:30:18","date_gmt":"2021-10-31T07:00:18","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=196170"},"modified":"2021-11-17T22:51:31","modified_gmt":"2021-11-17T17:21:31","slug":"over-700000-eth-burned-merge-may-take-ethereum-toward-deflation","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/over-700000-eth-burned-merge-may-take-ethereum-toward-deflation\/","title":{"rendered":"Over 700,000 ETH burned; Merge may take Ethereum ‘toward deflation’"},"content":{"rendered":"

Ethereum 2.0 Altair Beacon Chain update had a successful start, with 98.7% of the nodes upgraded at the time. This marked an important step towards the Merge, the transition to a proof-of-stake consensus mechanism.<\/p>\n

Since July, Ethereum also underwent important upgrades, such as the London hard fork. This update incorporated a deflationary burning mechanism to the asset as part of the network\u2019s fee structure.<\/p>\n

Fast forward to now, ETH and its burning mechanism have come a long way amidst the latest update. According to Etherchain, Ethereum burned<\/a> 10.06 ETH worth $42,895 every minute over the last 24 hours. Overall, it torched around<\/a> 701,630 ETH, equivalent to $3 billion (approx.), at the time of writing.<\/p>\n

Other similar platforms have showcased the same narrative. For instance, Ultrasound.money<\/a>, an ETH supply-tracking site inferred the following insights. The Non-fungible token (NFT) marketplace OpenSea is responsible for burning the most ETH, torching 91,172 ETH worth over $398 million at the time of writing. Here’s the list of others:<\/p>\n

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Source: Ultrasound.money<\/a><\/figcaption><\/figure>\n

The decentralized exchange (DEX) Uniswap (version 2) with a total of 51,331 ETH worth over $230 million falls in this category as well. Ergo, NFT and DeFi are currently two main use cases of Ethereum.<\/p>\n

Now, needless to say, the sheer amount mentioned above amounts to billions of dollars. For instance, Chinese journalist Wu Blockchain<\/a> tweeted as follows:<\/p>\n

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According to oklink, the amount of ETH burned on October 31st reached 697,591, which is more than 3 billion U.S. dollars, and is currently 3.051b.<\/p>\n

— Wu Blockchain (@WuBlockchain) October 31, 2021<\/a><\/p><\/blockquote>\n