Dencun, Ethereum's latest upgrade, has caused a notable decline in ether's total supply within its first week. By mid-week, the total supply of ether had plummeted to its lowest level since August 2022, marking a significant milestone for the network. This reduction mirrors a similar occurrence during Ethereum's transition to proof-of-stake consensus, known as The Merge.
Over the past month, ether's supply has decreased by 0.872%, the swiftest decline since May 2023. This trend contrasts with the rate of decline post-The Merge, which stood at 0.246%. The decline is primarily attributed to record-breaking daily transactions on Ethereum, surpassing 1.2 million, resulting in increased fee burning and subsequent reductions in total supply.
Since August 2022, over 1.56 million ether have been burned, while only 1.12 million ether have been issued. This imbalance has led to a net decline of over 446,000 ether, valued at nearly $1.62 billion at current prices. The continuous burn rate underscores the network's robust activity and demand.
The declining supply coupled with increased network activity could potentially drive up Ethereum's token price. At present, Ethereum is trading at $3600, reflecting the market's response to these dynamics.
Post-Dencun, most layer-2 networks have reported significant declines in transaction fees, reaching up to 99%. However, some experts caution that fees may rise again as more chains join and the fee market becomes saturated.
The Dencun upgrade represents Ethereum's most significant overhaul since The Merge. With promises of reduced costs for Layer-2 chains, the heightened network activity and diminishing ether supply could pave the way for Ethereum's price surge in the near future.
The SEC is reviewing proposals to allow staking in Ethereum ETFs and has also acknowledged filings for XRP ETFs, opening a public comment period. Institutional interest in Ethereum is growing, and changing regulations under the Trump administration may increase the chances of ETF approvals.
WeatherlyA programmer named Hu Lezhi burned $7 million in Ethereum in protest against alleged brain control, leaving on-chain messages that read like a suicide note and detailed his feelings of constant surveillance and manipulation. He also donated funds to WikiLeaks and accused executives, including those at WizardQuant Capital, of using brain-machine chips to control citizens.
AnaisEthereum's Pectra upgrade, set for March 2025, will improve scalability, reduce gas fees, and enhance user experience with features like Account Abstraction and Layer 2 storage improvements. Key changes also include larger validator staking and security upgrades, positioning Ethereum for better performance in the blockchain space.
WeatherlyWorld Liberty Financial, backed by the Trump family, launched a strategic token reserve to support cryptocurrencies like Bitcoin and Ethereum, aiming to stabilize the market and strengthen DeFi. This initiative is part of the family's growing influence in the crypto industry, with WLF already accumulating significant assets and making moves to connect crypto with mainstream investors.
WeatherlyHong Kong now allows cryptocurrencies like Bitcoin and Ethereum as proof of net worth for its investment visa. However, crypto cannot be used for the required investment after visa approval.
AnaisBybit’s CEO, Ben Zhou, warned that crypto liquidations may be as high as $10 billion, far exceeding the $2 billion reported. He explained that limitations in data sharing caused discrepancies, with actual losses likely much higher than public figures suggest.
AnaisAfter speaking with President Trump, Canada and Mexico agreed to curb illegal drugs and immigration, but negotiations continue.
KikyoUsers of the Coinbase were enraged after they found themselves having to cancel their transactions or having to endure a never seen before waiting time for their transactions to be completed. Many have also blamed the outage as a result of coinbase's favoritism of Ethereum over Solana platform; and the outage was a direct result of Coinbase not providing inadequate support to the exchange
XingChiPostFinance, a Swiss state-owned bank, has launched a staking service for Ethereum, allowing customers to earn passive income by staking their ETH. This move marks a significant step in Switzerland's banking sector, indicating a growing acceptance of digital assets despite cautious regulatory stances.
WeatherlyA survey by CryptoQuant found that young, educated, and predominantly male individuals are the main drivers of cryptocurrency investment. The majority of crypto investors are between 25-44 years old, with most investing less than $10,000 annually and preferring popular platforms like Binance.
WeatherlyMr. Wei Dai's contributions and thoughts on the cypherpunk movement, Bitcoin and blockchain digital currency, and superhuman intelligence are still in the historical process of gradually becoming known to the world. This article can even provide reference and inspiration for today's American education.
JinseFinanceUSDT, stablecoin, IOSG | Usual Money's new stablecoin gold standard Golden Finance, Usual is ready to challenge Tether.
JinseFinanceAs a recently-popular AI model tokenization platform, what does ORA do? Why do major well-known institutions favor it?
JinseFinanceThe term "ultrasound money" for Ethereum's deflationary potential is questioned by a developer. The analysis suggests the narrative might be exaggerated and veiled in pseudo-scientific language, prompting a reassessment of Ethereum's actual monetary policy and deflationary capabilities.
Huang BoBitcoin’s purpose is to be money. Money has some fundamental properties, which you are already familiar with: Divisibility, Portability, Defensibility, Durability.
MediumThe Federal Reserve stirred up markets last week, but bitcoin was less reactive than plain old stocks.
OthersThe Federal Reserve stirred up markets last week, but bitcoin was less reactive than plain old stocks.
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BitcoinistWeld Money is getting a boost in its efforts to build a bridge between the world of crypto and fiat ...
BitcoinistIn “Follow The Money,” the What Bitcoin Did team goes deep. The podcast is already a part of the El ...
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