66k ETH Incinerated in Transaction Fee Alleviation

In a groundbreaking development for the cryptocurrency world, Ethereum’s supply has been slashed by a whopping 66,000 ETH, marking a significant milestone in the crypto space. The announcement was made by the market intelligence platform IntoTheBlock on March 18, 2023, sending ripples through the community. 

This move comes as part of a concerted effort to reduce transaction fees and increase efficiency on the Ethereum network, cementing its position as one of the world’s most innovative and forward-thinking blockchain platforms. With this significant reduction in supply, Ethereum’s value is set to rise, and investors are eagerly watching the market to capitalize on this exciting development.

Ethereum Goes Deflationary with PoS Merge

(Advertisement)Artificial Intelligence Crypto Trading
CypherMindHQ.com Artificial Intelligence Crypto Trading System - Surpass the competition with this cutting-edge AI system! Utilize the prowess of innovative algorithms and amplify your crypto trading strategies with CypherMindHQ. Learn more today!

According to reports, in September 2022, Ethereum underwent a significant transition known as the ‘Merge,’ which saw the platform switch from a proof-of-work (PoW) agreement method to a proof-of-stake (PoS) consensus protocol. As a result of this change, a fraction of the transaction fees associated with the platform is now being burned, leading to a reduction of 66k $ETH in supply. 

This innovative approach to transaction fees has made Ethereum deflationary, a significant shift in the platform’s economic model. Further, this is a unique and innovative way to incentivize the use of Ethereum while creating market scarcity. 

A deflationary currency is one where the currency supply decreases over time, while an inflationary currency is characterized by an increase in currency supply over time, 

The PoS consensus mechanism has been designed to be more energy-efficient and sustainable than its PoW predecessor, which has been a significant criticism of the blockchain industry in recent years. With this move, Ethereum is well-positioned to be a leader in the blockchain space for years to come.

Ethereum Set for Shanghai-Capella Upgrade

Ethereum is gearing up for a new and exciting update in the ever-changing cryptocurrency industry called the Shanghai-Capella upgrade. Reports indicate that the long-awaited Shanghai-Capella update, also called the Shapella revamp, is set to take place on the Ethereum network on April 12, 2023.

One of the most essential Ethereum Improvement Proposals (EIPs) is 4895, which will integrate validator staking withdrawals into the main Ethereum network. With the Merge update in September 2017, Ethereum switched to a proof-of-stake (PoS) agreement. However, this crucial detail was left out of the transition.

At the time of writing, the price of ETH is hovering at $1,792.99 per coin. The asset’s value has increased significantly during the last 24 hours, rising by 4.70%. Ethereum has a promising future, with exciting retrofits on the horizon and a steady rise in market value.

(Advertisement)Artificial Intelligence Crypto Trading
CypherMindHQ.com Artificial Intelligence Crypto Trading System - Outpace the competition with this high-end AI system! Leverage the capabilities of progressive algorithms and enhance your crypto trading performance with CypherMindHQ. Learn more today!