After the London Hardfork or EIB 1559 update meni live on August 5, the first deflation block of the Ethereum network occurred because scarcity arose each time ether was burned in events after use.

Market analyst Lark Davis revealed that the burned Ethereum was approaching the $ 1 billion mark. He explained:

“We have nearly a billion dollars burned in Ethereum because of EIB 1559. As a result, the selling pressure of miners has been a billion less. Ethereum’s economy is rocket fuel, and it only gets stronger as the merger takes place, and we move from mine and landfill to input and save. “

The London Hardfork update set a base fee for each event that took place. In addition, it eliminates the use of other digital IDs to pay Ethereum fees. Only Eth was used, which restored the unique significance of the ETH cryptocurrency.

The short-term ETH concentration increases

By for data analysis company IntoTheBlock:

“The number of ETH holders who trade for less than 30 days is at its highest since May, with more than 3.8 million addresses purchased in October. This appears to be driven by retail, as the amount held by traders is “only” 19 million ETH, compared to 26 million in May. “

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It shows that more users have joined the Ethereum network.

At the same time, ETH’s development team to be continued innovate and improve as Github’s shipment percentage was at its 4-month high. Github is a web-based platform used for version control.

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Total value locked in Ethereum floor two recently up To $ 1 billion. Ethereum L2 is a scaling solution designed to reduce network congestion. As a result, distributed applications (dapps) can avoid network congestion by using a variety of technologies.

The Ethereum 2.0 deposit agreement, which began in December 2020, is expected to increase scalability by providing a transition proof of contribution (POS) Consensus Mechanism on Current Evidence (POW).

Image source: Shutterstock

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