Ethereum usage in Druk is also $ 19,000,000 in ETH wordt verbrand per dag

With the leading smart contract platform currently burning thousands of ETH a day, Ethereum’s daily delivery is under intense pressure.

Etherchain, Ethereum’s chain-based monitoring tool, shows that the second-largest crypto asset is currently burning 4.23 ETH per minute, exceeding $ 19 million, corresponding to the 6091.2 ETH burned per day at the time of writing.

Etherchain also points out that since Ethereum launched London hardfork on August 5, the network has burned a total of 54,482 ETH to more than $ 172 million.

The critical update consists of a number of proposals to improve Ethereum, including EIP-1559, which introduced a charging mechanism to the network. EIP-1559 permanently removes a certain amount of ETH from circulating delivery each time the process is processed.

Crypto analytics platform Glassnode argues that the combustion mechanism has a significant impact on the daily delivery of ETH.

“As activity in the chain increases, users pay more transaction costs and burn more ETH. Therefore, this mechanism acts to translate the economic activity in the ethereum blockchain into the deficit of the ETH token. Since the introduction of EIP-1559, the average enrollment / block is about 0.71 ETH / block. This means that the effective ETH delivery rate is delayed by 36%.”

Source: Glassnode
Glassnode adds that under certain circumstances, the pricing mechanism that comes with London-based ethereum hardfork could create a deflationary presence.

“In extreme cases of high demand for block space, net ETH emission can become truly pure deflation when more ETH is burned than spent. It should be noted that in the current scheme of issuing work approvals, such a level of deflation would require much higher use of the network than it currently is.”

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