Another deflationary day for Ethereum
With the continuous burning of Ethereum coins and fees, some Ethereum blocks become deflationary due to the high load on the network, which then results in high fees. According to the burn tracker service, there have been $12 million less Ethereum issued today than distributed, which makes the whole day “deflationary.”
With the introduction of the fee-burning mechanism, all transaction fees on the network are burned rather than going into the pockets of miners. Sometimes, due to high network load, fees for one transaction increase significantly, which then leads to a massive amount of burned coins.
Currently, 16,228 Ethereum have been burned today, which is valued at $ 67 million. At the same time, only $54 million have been issued to stackers as rewards. Miners have received only 2,495 ETH as tips.
With heavy network congestion, basic charges remain within the common range while tipping for minors actually increases. The “transactional auction” is still a thing on the network, leading to a major fee increase.
Currently, Ethereum’s base charge is 154 Gwei. Total issuance since the activation of EIP-1559 remains estimated at $ 2 billion. The total number of burned coins is 654,000 ETH, which is currently valued at $2.7 billion.
Previously, U.Today reported that the value of all Ethereum coins burned had reached $ 2 billion, but due to the rapid increase in prices in the spot market, almost the same number of coins burned is now worth 35%. what’s more.
At press time, Ethereum is trading at $4,153 after retracing from the previous ATH of $4,380. Yesterday Ethereum traded with a loss of 9% due to the global market correction. Currently, the second largest cryptocurrency is trading at a profit of 6%.
