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- At the current ETH burning rate, the Ethereum ecosystem will enjoy a supply growth of negative 2.2 percent per year.
- OpenSea, ETH transactions, and Uniswap have contributed the most to the total burnt supply.
Ethereum’s price has spiked over 5.2 percent in the past 24 hours. Crypto YouTuber and market analyst, Lark Davis, says the best days for ETH are ahead. The Ethereum ecosystem is preparing for The Merge, to usher in the proof-of-staking era. Of importance, scalability, high transaction fees and low throughput will be an issue of the past.
Ethereum network development updates
The Ethereum network has undertaken several testnets to ensure a seamless transition to PoS. Among the notable testnets include Kintsugi and Kiln. Indeed, The Merge is a major event in the blockchain industry. Davis noted that its effect is the equivalent of a triple of Bitcoin halvings.
Notably, Eth issuance is expected to significantly decline after the Merge in three months.
1/ $ETH is MONEY, and it is more likely to become a global currency than $BTC.
Why?
🧵👇
— Adriano FΞRIA 🦇🔊 (@AdrianoFeria) July 1, 2021
According to Ultrasound.money, 2,026,807.01 units of ETH have been burned in less than a year. Currently, approximately 5.99 ETH are burnt every minute. At the current Eth burning rate, the Ethereum ecosystem will enjoy a supply growth of negative 2.2 percent per year. OpenSea, ETH transaction, and Uniswap have contributed the most to the total Eth burnt so far.
Ethereum developers are working round the clock to ensure it remains on top regarding smart contract capabilities. Moreover, competition is real in the smart contract market with ‘Eth killers’ rising fast and strong.
“Over the next month, we are hoping to finalize implementations, run multiple short-lived devnets, and gather feedback from application, infrastructure, and tooling providers. Everything else (Shanghai, execution specs, Protocol Guild) should also keep moving along in the background,” a post by AllCoreDevs noted.
ETH price action
ETH price has recorded its highest level in the past 45 days after the last two weeks’ rally. The asset is exchanging hands at around $3,328 having gained approximately 16.1 percent in the past seven days.
As the second most valuable digital asset by market capitalization, ETH is poised to attract more institutional investors’ attention. More money coming in and more developments only mean more upside in the future.
According to market analytics provided by CoinGecko, ETH has a market capitalization of approximately $400 billion. Additionally, the asset has recorded an average traded volume of $14.7 billion. For comparison purposes, Bitcoin has a market cap of approximately $892 billion, and its 24-hour average traded volume is around $27.2 billion.
Notably, the entire crypto market is on the rise today, with the total market cap at around $2.21 trillion.
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