Ethereum

<ul><li>In April, daily ETH issuance has been deflationary every day.</li><li>Ethereum is trading near the $2K price range.</li></ul>The second-largest cryptocurrency, <a href="https://thenewscrypto.com/tag/Ethereum/" rel="noopener noreferrer nofollow">Ethereum</a> (ETH), regained popularity. One potential driver for ETH’s rebound is its appeal as a “deflationary asset.” This trend is on the back of growing on-chain activity, led primarily by DEXes, NFT platforms, and stablecoins.Due to a spike in on-chain activity on protocols such as Uniswap, Arbitrum, and Blur, Ethereum has been deflationary for two months in a row. In addition, ETH has witnessed deep deflation since the start of May.In August 2021, the <a href="https://thenewscrypto.com/since-eip-1559-ethereum-has-burned-100-million-in-fees/" rel="noopener noreferrer nofollow">Ethereum network pushed an upgrade</a> (EIP-1559) that changed the way transaction fees would be burned, so they no longer went to the network’s miners. This was a forerunner to Ethereum switching to Proof-of-Stake (PoS) last September.As a result of EIP-1559, Ethereum may have produced deflationary blocks (more ETH was burned than distributed). The altcoin has now been consistently deflationary every day since the start of the year, as per network tracker ultrasound.money.Prior to this event, Ethereum briefly experienced deflation in November 2022, about two months after Ethereum’s “Merge” drastically reduced issuance, before returning to inflation in December.Continue reading <a href="https://thenewscrypto.com/crypto-news-ethereum-eth-in-deep-deflation-signs-aiming-to-boom/" rel="noopener noreferrer nofollow">&#64;TheNewsCrypto</a>

Ethereum (ETH) in Deep Deflation, Signs Aiming to Boom?

TheNewsCrypto

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