HHey there my crypto-curious friend! Guess what? Ethereum’s supply is dropping faster than a hot potato in a game of catch! What, ETH Burns Faster?
Yep, in just one month since the upgrade EIP-1559 was implemented, over 28,000 ETH tokens have gone up in smoke faster than a cheap cigar. That’s according to a recent report by Ultrasound.Money. Apparently, a teeny-tiny piece of the transaction fee is taken out of circulation with each ETH transaction, making Ethereum more scarce than a leprechaun’s pot of gold.
But wait, there’s more! The more activity on the network, the scarcer Ethereum becomes. Some analysts even predict a new all-time high in the near future. And the developers aren’t sleeping on the job either! They’ve got the upcoming Shanghai upgrade next month, followed by sharding and zero-knowledge proofs.
Burnt $ETH (EIP-1559)
EIP-1559 has been nothing short of astounding.
It introduced fluctuating burns to $ETH acting like a dividend for all users, while simultaneously making tx fees smoother & faster for the network
— 👨🍳.eth (@CroissantEth) August 26, 2021
If ETH Burns Faster a Blessing or a Curse for Investors?
So, what does all of this mean for you, my fellow ETH holder? Well, it’s a good thing, my friend! The ever-dwindling supply should eventually drive up the prices, which is music to the ears of all crypto-enthusiasts. However, don’t get too comfy just yet because those gas fees are still more painful than stepping on a Lego in the middle of the night.
All in all, Ethereum is shining brighter than a diamond in a goat’s butt. So hold onto your hats, folks, and get ready for some wild times ahead in the world of crypto!
(ETH Burns Faster)