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Ethereum records first consecutive week of deflationary issuance By BTC Peers

by Mike Robinson

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© Reuters. Ethereum marks first week consecutively of deflationary issuing

It has witnessed seven consecutive days with deflationary issuing amid an impressive price rise and increase in demand.

The London hard fork laid the foundation for Ethereum’s negative supply through the introduction of a burning mechanism. More Ethereum has been lost than created through mining in the seven days that have passed.

Since EIP-1559’s implementation, more than $3 billion in Ethereum have been burnt. Ultrasound Money reports that approximately 15,000 ETH are being used daily. This is a total value of about $60 million. WatchTheBurn’s analytics showed that net issuance was minus 8,000 ETH.

“Due to the current PoW issuance (4.5%), a deflationary ETH was not something that was expected to happen until The Merge,” said Anthony Sassano, co-founder of EthHub on The Daily Gwei.

Ultrasound Money also predicted that Ethereum’s supply may be reduced by 2% a year once the transition to ETH 2.0 is completed. It’s worth noting that Ethereum currently does not have any supply caps. It has a circulating supply at 118,187.792 ETH. Ethereum’s supply cap is 21,000,000.

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