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Home Crypto News Analysis ETH Recently Had Its First Deflationary Day Where More Ethereum Were Burned...

ETH Recently Had Its First Deflationary Day Where More Ethereum Were Burned Than Minted

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EIP-1559 was a major change in ETH code that allowed burning of transaction fees.


EIP-1559, which was introduced to Ethereum last month and it was meant to slow down the rate of growth of ETH supply. However, the supply of ETH did not grow on September 3rd rather it shrank.

There were more Ethereum burned than minted on September 3. In simple words more ETH were burned than produced by miners. This is a significant milestone for ETH.

ETH Supply growth turned negative on September 3. Over 13,200 Ethereum were burned, Where as 12,500-13,000 ETH were produced.

 

Scott Lewis, co-founder of DeFi Pulse, believe that this is the first time Ethereum has been deflationary.

 

Evan Van Ness founder of Week in Ethereum News writes:

On September 4, however, Ether supply increased again. This resulted in ETH becoming inflationary.

At the time of writing, 203,266 Ethereum (approximately $794 million) had been permanently removed from circulation due to EIP-1559.

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Mark Brennanhttps://thecryptobasic.com/
Mark is 27, holds a Master degree in Business Administration, and works as a content Creator at TheCryptoBasic mostly on Crypto Market Updates. Since 2014 he has been active in the crypto sector. Thanks to the Business College in which other than Business subjects, he was taught about the disruptive potential of Blockchain. His interests include Blockchain technology and Crypto Market innovations. He also founded a small startup in which he gives lectures on cryptocurrencies.

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