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Ethereum Merge burns over $2.8 billion in ETH

Ethereum: Ethereum Merge burns over $2.8 billion in ETH

Since the implementation of "The Merge" in September 2022, marking Ethereum's transition to a Proof-of-Stake consensus, a deflationary trend has emerged in the ETH supply. According to data from Ultrasound Money, a staggering $2.8 billion worth of ETH has been burned since The Merge, resulting in the lowest Ether supply observed in the past 18 months.

This decrease in supply, amounting to 339,360 ETH valued at $778 million, reflects the new burning mechanism introduced in August 2021 as part of the #EIP-1559 upgrade. As a result, 1.2 million ETH has been permanently removed from circulation, contributing to the increasing scarcity of the coin.

In contrast, only 911,758 new ETH has been issued, equivalent to $1.96 billion. This difference explains the net decrease in supply despite positive emissions.

Currently, with a record-low total supply of 120,181,679 ETH, Ethereum boasts a market capitalization of $266.39 billion, solidifying its position in the cryptocurrency market.

The examination of the main contracts involved in the ETH burn reveals prominent contributors from various sectors. Leading the pack is #Uniswap, a decentralized exchange (DeFi) platform, which alone has burned $543.8 million worth of ETH. This serves as evidence of the immense transaction volume generated by DeFi on Ethereum.

Following closely are #Tether, the number one stablecoin, and #OpenSea, a leading marketplace for #NFTs. This confirms the versatility of the Ethereum network, utilized for decentralized exchanges, stablecoin payments, and unique digital asset transactions. This flexibility is expected to ensure the longevity of Ethereum's success.

This deflationary trend is likely to attract more investors seeking a store of value amidst traditional fiat currencies plagued by inflation. Moreover, the increasing activity within #DeFi protocols demonstrates the growing enthusiasm for decentralized finance, driven by the innovations made possible by the Ethereum blockchain.

As the supply continues to decrease, the scarcity and value of ETH could naturally increase if the demand remains. Therefore, despite a gloomy macroeconomic context, the future appears promising for #Ethereum's native cryptocurrency. This holds true for both #dApp users and investors, thanks to the opportunities it presents.

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