Ethereum Net Deflation Week was just happening for the first time

A week of net deflation for Ethereum has just happened for the first time and the community is viewing it as a win-win event from a monetary standpoint as we can see more in today’s Ethereum news.

With the full effect of Ethereum’s London hard fork, the network burned ETH for three months, but in the last week more ETH was burned on the platform than created, resulting in a week of declines. According to data from Watch the Burn, over 100,000 ETH were burned in the past week and only 93,000 ETH released in the same timeframe as the block reward for miners, bringing the total number of ethernet spent to approximately minus 8,600 or. numbers about $ 37 million. . The network saw its first negative net release date in September.

Ethereum has been massively drained of value since the hard fork in London, and in a month more than $ 1 billion worth of ETH has been burned in transaction fees that would have been used to reward network miners. Today these miner rewards are given out as optional “tips” by network users. However, the amount generated from the tip is only a small part of the reward and last day less than 14,000 ETH were distributed as tips to the miners, which is why Sparkpool is the largest ETH mining pool, which originally spoke out against EIP 1559 . introduced.

According to Tokenview, some of the projects responsible for the fire are Parallel, Fat Ape NFT, Xrune and others, with the exception of the usual ones like OpenSea, Uniswap and USDC. Watch the Burn also shows a Net Decline Percentage, which shows that ETH output has decreased since the inception of EIP-1559, more than 100% for the week, as another indicator of more ETH being burned than broken down. The site also suggests that this phenomenon is a good thing and calls it “supersonic” ether.

Many ETH supporters also spoke out after the hard fork in London. Founder of ConsenSys Joe Lubin even found the upgrade turned Ether into super money, and Week in Ethereum News founder Evan Van Ness mocked BTC for not being able to reduce its offer in the same way.

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