MetaverseNFTCoins.com
  • NFT News
  • Crypto News
  • Blockchain
  • Regulations
  • Scams
No Result
View All Result
MetaverseNFTCoins.com
No Result
View All Result

Ethereum is Burning at the Rate of 6.29 ETH per Minute

December 15, 2021
in Blockchain
Reading Time: 3 mins read
A A
Ethereum is Burning at the Rate of 6.29 ETH per Minute
ShareShareShareShareShare

Burnt Ether is edging closer to the 1.2 million ETH mark, given that it’s burning at a rate of 6.29 ETH, approximately $24,361, per minute. 

Ever since the London Hard Fork or EIP 1559 upgrade went live on August 5, the burning feature was introduced every time Ethereum was used in transactions. One of the objectives was to eliminate the inflationary tendencies that the network was accustomed to because Ethereum would become scarce after being burnt.

Image

Furthermore, users who wished to conduct their transactions faster than the standard provisions of the network were allowed to offer validators a tip to fast-track their transactions. Part of this tip would be burnt, helping to improve the monetary policy of the Ethereum network as a whole.

Burnt Ether, coupled with ETH’s leaving exchanges in droves, has been causing a supply deficit. 

On the other hand, the tussle between the top ten largest exchange and non-exchange addresses continue to play out. Market insight provider Santiment explained:

“The 10 largest Ethereum addresses on exchanges hold a cumulative 3.82M ETH, which is the lowest level since the exodus. Meanwhile, the top 10 largest non-exchange addresses hold a cumulative 24.78 ETH, closing in on the all-time high of 26.63 ETH attained in June 2016.”

Image

Meanwhile, the debate about Bitcoin versus Ethereum seems not to be going away anytime soon because ARK Invest CEO Cathie Wood recently stated that ETH was still undervalued compared to BTC. 

She added that Ethereum was still in the infancy stage and had a long journey ahead compared to Bitcoin that had already established itself as a monetary system.

Wood also noted that more institutional investments would trickle into decentralized finance (DeFi) and non-fungible tokens (NFTs), aiding Ethereum’s growth. 

Image source: Shutterstock


Credit: Source link

ShareSendTweetPinShare
Previous Post

53% of the Top 100 Cryptocurrencies are Trading Below Their 200-Day Moving Average

Next Post

India Might Not Regulate Cryptocurrencies in The Winter Season as Planned (Report)

Next Post
India Might Not Regulate Cryptocurrencies in The Winter Season as Planned (Report)

India Might Not Regulate Cryptocurrencies in The Winter Season as Planned (Report)

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Weekly Updates

THE NEXT BIG THING – NJBIZ

THE NEXT BIG THING – NJBIZ

August 8, 2022
Proposed Bill Could Take Away Crypto Regulation Oversight from SEC

Proposed Bill Could Take Away Crypto Regulation Oversight from SEC

August 4, 2022
Are Mehracki (MKI) and Cronos (CRO) leading the way?

Are Mehracki (MKI) and Cronos (CRO) leading the way?

August 8, 2022
Nimbus Platform Launched the First Ever Finan…

Nimbus Platform Launched the First Ever Finan…

August 4, 2022
FLOW Rockets 42% as Flow Partnership with Instagram Begins Rolling Out

FLOW Rockets 42% as Flow Partnership with Instagram Begins Rolling Out

August 6, 2022
MetaverseNFTCoins.com

This is an online news portal that aims to provide the latest NFT news, crypto news, blockchain, regulations, scams, and much more stuff like that around the world. We promise to share only high quality content from the world's best crypto sources. Feel free to get in touch.

What’s New Here!

  • Bank of England Analysts See Crypto Having Important Roles in the Metaverse — Discuss the Need for Regulation – Metaverse Bitcoin News
  • Crypto Broker Genesis Says Lending Business Declined in Q2
  • Hotbit Suspends Trading, Withdrawals amid Criminal Investigation

Subscribe Now

Loading
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2021 - metaversenftcoins.com - All rights reserved!

No Result
View All Result
  • NFT News
  • Crypto News
  • Blockchain
  • Regulations
  • Scams

© 2021 - metaversenftcoins.com - All rights reserved!

  • bitcoinBitcoin (BTC) $ 24,493.00 6.41%
  • ethereumEthereum (ETH) $ 1,885.73 11.35%
  • tetherTether (USDT) $ 1.00 0.1%
  • usd-coinUSD Coin (USDC) $ 1.00 0.22%
  • bnbBNB (BNB) $ 330.24 3.04%
  • xrpXRP (XRP) $ 0.382065 4.77%
  • cardanoCardano (ADA) $ 0.538768 5.34%
  • binance-usdBinance USD (BUSD) $ 1.00 0.21%
  • solanaSolana (SOL) $ 44.47 11.65%
  • polkadotPolkadot (DOT) $ 9.40 7.95%
  • dogecoinDogecoin (DOGE) $ 0.071635 4.6%
  • avalanche-2Avalanche (AVAX) $ 29.58 7.55%
  • staked-etherLido Staked Ether (STETH) $ 1,822.52 11.85%
  • shiba-inuShiba Inu (SHIB) $ 0.000012 3.4%
  • daiDai (DAI) $ 1.00 0.03%
  • matic-networkPolygon (MATIC) $ 0.938488 5.73%
  • tronTRON (TRX) $ 0.070909 3.27%
  • wrapped-bitcoinWrapped Bitcoin (WBTC) $ 24,474.00 6.27%
  • ethereum-classicEthereum Classic (ETC) $ 38.65 4.09%
  • okbOKB (OKB) $ 19.15 6.74%
  • leo-tokenLEO Token (LEO) $ 4.74 0.61%
  • litecoinLitecoin (LTC) $ 61.92 5.51%
  • nearNEAR Protocol (NEAR) $ 5.80 6.18%
  • ftx-tokenFTX (FTT) $ 32.06 8.7%
  • chainlinkChainlink (LINK) $ 9.00 7.14%
  • uniswapUniswap (UNI) $ 9.19 9.05%
  • crypto-com-chainCronos (CRO) $ 0.153713 6.08%
  • cosmosCosmos Hub (ATOM) $ 12.16 11.97%
  • stellarStellar (XLM) $ 0.126094 4.05%
  • flowFlow (FLOW) $ 3.03 6.23%
  • moneroMonero (XMR) $ 166.44 4.8%
  • bitcoin-cashBitcoin Cash (BCH) $ 143.30 6.97%
  • algorandAlgorand (ALGO) $ 0.366274 6.98%
  • vechainVeChain (VET) $ 0.032795 10.09%
  • filecoinFilecoin (FIL) $ 8.72 8.34%
  • apecoinApeCoin (APE) $ 7.15 6.18%
  • internet-computerInternet Computer (ICP) $ 8.46 9.27%
  • decentralandDecentraland (MANA) $ 1.08 5.79%
  • chain-2Chain (XCN) $ 0.087705 2.24%
  • hedera-hashgraphHedera (HBAR) $ 0.079782 6.54%
  • tezosTezos (XTZ) $ 1.93 8.51%
  • quant-networkQuant (QNT) $ 128.63 5.2%
  • the-sandboxThe Sandbox (SAND) $ 1.34 4.83%
  • axie-infinityAxie Infinity (AXS) $ 18.79 6.07%
  • theta-tokenTheta Network (THETA) $ 1.61 5.75%
  • elrond-erd-2Elrond (EGLD) $ 68.20 10.38%
  • aaveAave (AAVE) $ 110.52 12.44%
  • lido-daoLido DAO (LDO) $ 2.76 21.97%
  • fraxFrax (FRAX) $ 1.00 1.75%
  • eosEOS (EOS) $ 1.30 9.61%