Ethereum registers first negative ethers issue since network update – Money Times

The update implemented in August is good for users, but network miners have seen their revenues drop as they now rely on tips from users (Image: Freepik/rawpixel.com)

The second largest daily issue cryptocurrency of the world went negative for the first time since the update EIP-1559 gives Ethereum network, implemented on August 5th.

O The Block data dashboard shows that, yesterday (3), the daily net issuance of ethers (ETH) was -333, becoming negative 30 days after EIP-1559 activation.

The update changes Ethereum’s monetary policy to “burn” — removal of the supply of coins in circulation — part of the transaction fees in each block — which previously belonged to Ethereum miners — in an attempt to alleviate fees paid by network users.

Since the activation of the code, almost 195,000 ETH were burned which, at this time, is equivalent to more than US$760 million in ether.

(Image: Ultrasound.money)

O The Block data dashboard it also shows that yesterday the amount burned reached 13,840, surpassing the 13,507 ETH that were issued as rewards per block during the same period.

Since the update, the daily ether emission is on a deflationary trend.

although the revenue from ether mining continued to rise in August — in dollar terms — this increase was due to the rise in price and prices. blockchain activities related to the markets of non-fungible tokens (NFTs).

In fact, transaction fees collected by Ethereum miners during August dropped to 66,159 ETH — compared to more than 90,000 ETH in July — while more than 170,000 ETH were burned in August.

(Image: Ultrasound.money)

About 15% of ethers burned in August were transaction fees related to blockchain activity in the NFT market OpenSea, according to data from UltraSound.

At this time, ether is being traded to US$ 3,900 (or BRL 20.3 thousand).

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