Ethereum stakers in confidence! – It is now a fact. 10% of all ETH are permanently blocked until the update, The Merge. Focus on an accumulation initiated in December 2020 and whose scale is only growing day after day.
Ethereum accumulates in baskets of 32
Despite the vagaries ofEthereum (ETH) and his repeated delays that annoy the community, we have to face the facts. This major update is eagerly awaited and investors remain confident!
Indeed, since last Friday, the address of the staking contract on which the Ethers are locked displays a new record. She just crossed the bar 12 million ETHis around $34 billion. 10% of the offer in Ethereum is now withdrawn from circulation.
To become a validator of the future ETH 2.0 network, it will be necessary to have a node. For this, it is imperative to deposit at least 32ETH on the Beacon Chain, the consensus layer of Ethereum 2.0. It represents the first step in the transition of the model Proof of Work (PoW) to the model Proof of Stake (PoS).
Thus, the current accumulation of ETH on the Beacon Chain translates neither more nor less than theenormous enthusiasm from users. The latter have confidence in the future of Ethereum and affirm it with conviction!
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Fire ! ETH is burning by the millions
Whether through the Challengetransfers or NFT, all occasions are good to burn ETH. It is no secret that the fees on Ethereum are staggering. And since August 2021, Ethereum has been burning from the inside. Indeed, all the transactions carried out on the network bring with them the disappearance of part of the available reserve.
Responsible for this massive destruction is theEIP 1559. Because of her, or thanks to her it depends, 3.1 million Ethers are burned every year out of the 5.4 million produced. The result is a reduced but positive inflation (2.7%) of the number of ETH generated each year, as a reward to miners who secure the network. When switching to PoS with The MergeEther issuance will be drastically reduced, shifting the system towards a deflationary model.
It is clear that ETH is gradually becoming scarce. On the one hand, users stake their precious Ethers on the Beacon Chain. 10% of the total supply is now blocked. On the other, the DeFi and NFT follies burn by the millions those who remain. By the technological revolution it offers, the Ethereum project carries on its shoulders the hopes of a community unwavering support. Let’s just hope it’s not empty promises. The future will tell, there is no fire… Well, almost.
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