Image default
Ethereum

$5,860,000,000 Worth of Ethereum (ETH) Torched Since Hard Fork Upgrade: Insights Firm IntoTheBlock

A number one crypto intelligence agency is revealing the quantity of Ethereum (ETH) torched for the reason that rollout of the London arduous fork in August.

IntoTheBlock says that the main sensible contract platform has burned over two million Ethereum price $5.86 billion for the reason that improve, including that 766,720 ETH ($2.27 billion) have been destroyed within the final three months.

Image
Source: IntoTheBlock/Twitter

The London arduous fork launched the EIP-1559 protocol that completely destroys sure quantities of ETH each time a person processes a transaction to create stress on the provision of the main sensible contract platform.

IntoTheBlock says transactions involving non-fungible tokens (NFTs) are the biggest gasoline supply of Ethereum’s fee-burning mechanism.

“NFT buying and selling exercise has been the biggest burner of Ether for the reason that introduction of EIP 1559: 

  • OpenSea exercise alone has led to 230k ETH now not being in circulation as per ultrasound.cash
  • As NFT volumes peaked in January, Ether’s internet issuance dropped to historic lows of almost -2%
  • Following The Merge, the quantity of ETH issued is projected to drop by 90%, which might result in related ranges of charges to scale back Ether’s provide by as a lot as 5% a 12 months.”

As the circulating provide of Ethereum continues to drop, extensively adopted pseudonymous analyst Smart Contracter predicts that ETH will outperform Bitcoin (ETH/BTC) within the coming months.

“ETH/BTC weekly looks like it’s putting in a nice high timeframe higher low. Not a bad spot to rotate some BTC into at these levels, in my opinion.”

Image
Source: Smart Contracter/Twitter

Looking at Smart Contracter’s chart, the analyst predicts that ETH/BTC will rise to 0.09 BTC ($3,811) by June, suggesting an upside potential of almost 30% from the pair’s present worth of 0.07 BTC ($2,964).

Check Price Action

Don’t Miss a Beat – Subscribe to get crypto electronic mail alerts delivered on to your inbox

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

&nbsp
Check Latest News Headlines

 

Disclaimer: Opinions expressed at The Daily Hodl should not funding recommendation. Investors ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital belongings. Please be suggested that your transfers and trades are at your individual danger, and any loses it’s possible you’ll incur are your duty. The Daily Hodl doesn’t suggest the shopping for or promoting of any cryptocurrencies or digital belongings, neither is The Daily Hodl an funding advisor. Please observe that The Daily Hodl participates in affiliate marketing online.

Featured Image: Shutterstock/Zelenov Iurii

Related posts

Ethereum Whale Abruptly Moves Over $145,000,000 in ETH – Here’s Where the Crypto Is Going

Crypto Advisor

As Markets Break Down, Traders Favor Ethereum (ETH), Solana (SOL), and Two More Altcoins, According to Crypto Algorithm

Crypto Advisor

Ethereum Adoption Is in Overdrive Despite Crypto Market Downturn: Altcoin Daily

Crypto Advisor

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

bitcoin
Bitcoin (BTC) $ 19,060.03 0.81%
ethereum
Ethereum (ETH) $ 1,361.27 0.89%
tether
Tether (USDT) $ 0.999743 0.20%
usd-coin
USD Coin (USDC) $ 1.00 0.05%
bnb
BNB (BNB) $ 269.36 0.82%
binance-usd
Binance USD (BUSD) $ 0.997339 0.60%
cardano
Cardano (ADA) $ 0.445939 0.80%
xrp
XRP (XRP) $ 0.416242 16.29%
polkadot
Polkadot (DOT) $ 6.33 0.51%
solana
Solana (SOL) $ 32.14 0.25%
shiba-inu
Shiba Inu (SHIB) $ 0.000011 1.56%
dogecoin
Dogecoin (DOGE) $ 0.059517 3.04%
staked-ether
Lido Staked Ether (STETH) $ 1,351.71 1.40%
matic-network
Polygon (MATIC) $ 0.751905 1.44%
tron
TRON (TRX) $ 0.059955 0.02%
dai
Dai (DAI) $ 0.998375 0.39%
avalanche-2
Avalanche (AVAX) $ 16.89 1.34%
ethereum-classic
Ethereum Classic (ETC) $ 29.54 1.73%
leo-token
LEO Token (LEO) $ 4.70 1.27%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 19,034.14 0.58%
uniswap
Uniswap (UNI) $ 5.44 0.09%
litecoin
Litecoin (LTC) $ 52.83 1.53%
cosmos
Cosmos Hub (ATOM) $ 14.29 7.89%
okb
OKB (OKB) $ 14.96 0.72%
ftx-token
FTX (FTT) $ 23.71 1.22%
terra-luna
Terra Luna Classic (LUNC) $ 0.000289 7.06%
near
NEAR Protocol (NEAR) $ 3.93 2.02%
chainlink
Chainlink (LINK) $ 7.17 1.41%
crypto-com-chain
Cronos (CRO) $ 0.1052 1.73%
monero
Monero (XMR) $ 142.11 0.76%
stellar
Stellar (XLM) $ 0.118256 10.50%
bitcoin-cash
Bitcoin Cash (BCH) $ 113.52 2.43%
algorand
Algorand (ALGO) $ 0.337038 6.41%
flow
Flow (FLOW) $ 1.71 1.92%
vechain
VeChain (VET) $ 0.022967 1.02%
eos
EOS (EOS) $ 1.38 6.50%
internet-computer
Internet Computer (ICP) $ 6.03 1.91%
filecoin
Filecoin (FIL) $ 5.39 0.86%
chain-2
Chain (XCN) $ 0.063592 1.32%
frax
Frax (FRAX) $ 0.998893 0.15%
hedera-hashgraph
Hedera (HBAR) $ 0.057973 0.89%
decentraland
Decentraland (MANA) $ 0.717957 0.39%
apecoin
ApeCoin (APE) $ 5.75 2.16%
the-sandbox
The Sandbox (SAND) $ 0.855401 1.15%
tezos
Tezos (XTZ) $ 1.50 1.65%
quant-network
Quant (QNT) $ 105.26 0.77%
axie-infinity
Axie Infinity (AXS) $ 12.50 2.89%
aave
Aave (AAVE) $ 75.69 0.35%
lido-dao
Lido DAO (LDO) $ 1.80 3.48%
elrond-erd-2
Elrond (EGLD) $ 48.22 1.02%
theta-token
Theta Network (THETA) $ 1.05 0.41%
true-usd
TrueUSD (TUSD) $ 1.00 0.06%
chiliz
Chiliz (CHZ) $ 0.241227 4.78%
bitcoin-sv
Bitcoin SV (BSV) $ 49.09 0.22%
compound-usd-coin
cUSDC (CUSDC) $ 0.022496 0.59%
paxos-standard
Pax Dollar (USDP) $ 0.99819 0.05%
kucoin-shares
KuCoin (KCS) $ 9.01 0.56%
bittorrent
BitTorrent (BTT) $ 0.00000079923714 0.24%
ecash
eCash (XEC) $ 0.000039 1.55%
the-graph
The Graph (GRT) $ 0.100105 1.91%
iota
IOTA (MIOTA) $ 0.263607 2.00%
zcash
Zcash (ZEC) $ 54.70 0.71%
huobi-btc
Huobi BTC (HBTC) $ 19,019.04 0.98%
usdd
USDD (USDD) $ 1.00 0.19%
huobi-token
Huobi (HT) $ 4.59 2.59%
evmos
Evmos (EVMOS) $ 2.67 1.65%
havven
Synthetix Network (SNX) $ 2.49 0.21%
cdai
cDAI (CDAI) $ 0.021929 0.45%
maker
Maker (MKR) $ 627.51 0.53%
bitdao
BitDAO (BIT) $ 0.492178 0.50%
klay-token
Klaytn (KLAY) $ 0.201668 2.57%
neutrino
Neutrino USD (USDN) $ 0.916336 1.11%
fantom
Fantom (FTM) $ 0.229302 0.51%
compound-ether
cETH (CETH) $ 27.43 1.70%
neo
NEO (NEO) $ 8.45 1.45%
helium
Helium (HNT) $ 5.33 15.52%
gatechain-token
Gate (GT) $ 4.18 0.56%
defichain
DeFiChain (DFI) $ 0.829233 0.12%
radix
Radix (XRD) $ 0.056775 4.14%
celsius-degree-token
Celsius Network (CEL) $ 1.47 7.19%
pax-gold
PAX Gold (PAXG) $ 1,654.71 0.56%
pancakeswap-token
PancakeSwap (CAKE) $ 4.37 1.82%
thorchain
THORChain (RUNE) $ 1.64 1.37%
osmosis
Osmosis (OSMO) $ 1.28 4.83%
zilliqa
Zilliqa (ZIL) $ 0.032317 0.39%
enjincoin
Enjin Coin (ENJ) $ 0.48261 0.14%
nexo
NEXO (NEXO) $ 0.900389 1.28%
arweave
Arweave (AR) $ 9.79 1.09%