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Category: ETH 2.0

Ethereum Fee Burns Clocks $100 Million, Here’s Why The Burn Is Important

The Ethereum network has now continuously burned base fees for a week straight and in that time frame, the amount of ETH burned has hit $100 million. With over 32,000 ETH burned in the space of seven days. The fee burn rate fluctuates given the network traffic, but the burn continues regardless. Depending on network traffic going forward, the burn rate is predicted to hit 4 ETH per minute very soon. Related Reading | Ethereum Set To Explode According To Market Dominance, Crypto Analyst The rate at which the ETH is burned currently sits at around 3.38 ETH per minute. This puts the current burn rate at over $10,000 burned per minute. The burn shows that the EIP-1559 upgrade is working as intended, which in the long run will hopefully make the nature of ETH deflationary. But that is not happening just yet. The burning of the base fee is still in its early stages, although it is working smoothly. It will take a while for the rate at which new ETH is burned out of circulation to be high enough that ETH’s supply becomes deflationary. But that remains to be the end game here. And this is why the burn is so important to the network. Related Reading | Here’s What Happens To All Of The Crypto Assets The IRS Seizes The fact that Ethereum does not have a capped supply like bitcoin means that an unlimited number of ETH can be put into circulation. This is one feature that ETH has in common with fiat, the unlimited supply. It is one of the main reasons why the move to ETH 2.0 is so important to the network. Putting Less ETH Into Circulation The ETH burn is basically taking away a huge chunk of ETH that miners would have been given for mining blocks and “burning” the coins. EIP-1559 introduced a base fee mechanism that is determined by the wallet where a transaction is generated and this base fee would be burned. Then the owner of the wallet where the transaction is generated can then add a ‘tip’ to a transaction if they want their transaction to be included in a block faster, basically leading to faster confirmation times. Related Reading | Why A Shocking Altcoin Season Could Be On The Horizon In just a week, 32,000 ETH has been burned. This 32,000 ETH would have formerly been added directly into circulation as it is given as a reward to miners. But now, this amount that would have added to supply has been completely taken out of the equation. For now, it may seem like miners are getting the short end of the stick with this, but ETH potentially becoming deflationary is a win for the market as a whole. Less supply would make ETH coins more valuable, which, in turn, would drive up the price of the asset. Ethereum Price Going Forward ETH price has had an interesting run these past three weeks. The asset price which had broken below $2,000 last month experienced a price surge that sent the price surging past $3,000 this month. Ending a two-month-long streak of a painful downtrend. ETH price dips as the week draws to a close | Source: ETHUSD on TradingView.com Following the launch of the EIP-1559 saw the Ethereal network become even more popular amongst investors. And as the popularity of the network grew, so did the popularity of its native token, ETH. With more investors coming into the market, the value of the asset has skyrocketed. Although now there has been a bump in the road as a dip in the price has sent ETH barreling back down below $3,100. Related Reading | Bulls Take Over Market As Ethereum Price Surpasses $3,000, Why Rally May Continue Short-term, recovery is imminent, as is the case following most dips. But the scale of the recovery will be hard to tell. A 3% price drop in the last 24 hours has seen ETH lose $200 off its price in the same time period. But overall, the market remains bullish and it looks like the dip is only a small obstacle that will be scaled in no time. Featured image from Coingape, chart from TradingView.com
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Bitstamp CEO is “Blown Away” by the Rising Ether Staking Demand

The amount of Ether staked in ETH 2.0 contracts has reached 6,467,650 estimated to be worth $15.9 billion. As the days of ETH 2.0 main net integration close near, the interest of traders for staking ETH is also rising. Several crypto exchanges have started offering Ether staking services in light of growing demand. Bitstamp has

The post Bitstamp CEO is “Blown Away” by the Rising Ether Staking Demand appeared first on Coingape.

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Ethereum Breaks 200,000 Validators Milestone, Over $14 Billion Now Staked In ETH 2.0

Ethereum network continues to record increasing support as launch draws nearer with each passing day. The network has now successfully crossed 200,000 validators meaning there are now over 200,000 validator nodes running ahead of the ETH 2.0 launch and counting. The amount of staked ETH now stands at over 6.6 million coins staked, totally over $14 billion worth of ETH currently staked in the network. Over 20,000 validators were added to the network in the span of a month, taking the validators number from 180,000 to over 200,000. With this has come an increasing number of ETH staked on the network. More and more investors continue to stake their coins in anticipation of the upgrade to ETH 2.0, which will come bearing rewards for the validators. Related Reading | Ethereum EIP-3675 For ETH 2.0 Upgrade Launches On GitHub At this point, the amount of staked ETH now totals over 5% of the entire circulating supply of ETH. With a current annual APY of 6.1% on staked ETH on the Ethereum network. Move To Proof Of Stake The move of the Ethereum network from proof of work to proof of stake has been a hot topic in the crypto space since the project was announced. Although the project continues to require more time to complete than was initially speculated by Ethereum CEO Vitalik Buterin. The move has had numerous delays, most of which are attributed to personnel working on the upgrade and not technical problems, according to the CEO. ETH price tests $2,300 resistance point | Source: ETHUSD on TradingView.com Ethereum still currently operates on a proof of work mechanism, but the move to proof of stake would see the network requiring less electricity to mine coins and making the hassle of mining much less than it currently is. The reduced electricity consumption will address the environmental pollution problem of mining, which has long been a bone of contention in the mining industry. Recently, the EIP-3675 was formalized as an improvement proposal, which sets the stage for “The Merge.” This comes just before the scheduled London Hard Fork that is meant to take place about a week from now on August 4th. The hard fork will see gas fees being burned as the current system is switched out for a new and better one. Ethereum Price Reactions The price of Ethereum continues to see increasing improvement as ETH 2.0 breaks the 200,000 validator milestone. Over the weekend, the price of Ethereum grew over 10% as the market witnessed a tremendous run. Giving ETH a much-needed momentum push to break the $2,000 price level and continue an upwards movement. Related Reading | Ethereum Price Could Go Up Over 860% To Break $10,000, Crypto Analyst More validators are expected to hop onto the Ethereum network. And as the amount of ETH mined in each block is reduced due to the fee burn structure of the ETH 2.0 upgrade, the amount of forecasted circulating ETH will be less. Hence the new deflationary nature of the network will introduce scarcity, thereby increasing the value of the coins mined. Ethereum is now comfortably trading above $2,000 and continues to see upward momentum as the price continues to test the $2,300 resistance point. Featured image from Blockchain News, chart from TradingView.com
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Ethereum EIP-3675 For ETH 2.0 Upgrade Launches On GitHub

The Ethereum Improvement Proposal (EIP) 3675 has now launched on GitHub. EIP-3675 contains the ETH 2.0 proof of stake merge that is coming to the network. Although this does not mean that the move to proof of stake is happening anytime soon, it is bringing the Ethereum network one step closer to the move from proof of work to proof of stake. Consensus researcher Mikhail Kalinin creating a pull request for the EIP-3675 on GitHub formalized the chain merge as an improvement proposal for the first time ever. The pull request was made on Thursday 22nd July 2021. Related Reading | Ethereum Price Could Go Up Over 860% To Break $10,000, Crypto Analyst Ethereum developers continue to work towards the merging of the Ethereum Mainnet with the already up and running Beacon Chain, which would mark the final step for the move to proof of stake. The EIP-3675 is meant to set the stage for “The Merge,” which is slated to be discussed at a core developers’ meeting that will be held on Friday, July 23rd. ETH 2.0 Delays Ethereum co-founder Vitalik Buterin had confirmed that the move to ETH 2.0 had been delayed. But according to the CEO, a couple of factors had contributed to the delay of the project. Firstly was that they had expected it to take a much shorter time than it would have. When the project was first proposed, the team had believed the move to proof of stake would only take a year. It turned out to be a project that would take at least six years to accomplish. ETH price shows downwards movement post-recovery | Source: ETHUSD on TradingView.com Another problem that the Ethereum upgrade had encountered had been team conflicts. It had been speculated that technical difficulties had been the reason for the continuous delays but in the end, Buterin confirmed that the problem was in fact not related to technical problems. One of the major causes for the delays had been with the people working on the project. Related Reading | Ethereum Whales Go On Buying Spree, Top 10 Addresses Now Own 20% Of All ETH One of the biggest problems I’ve found with our project is not the technical problems,” said Buterin. “It’s problems related to people. We have a lot of internal team conflicts in these five years.” Continous disagreements and team conflicts seem to plague the project. The CEO is quoted saying, “if you are building a team, it is important to know who you are working with.” Ethereum Progression So Far Expectations for the network continue to remain high. Ethereum price itself has taken hits over the past months as the crypto market continues to be beaten down by bears. But despite the declining prices, holders continue to stake their coins ahead of the move to proof of stake. Over 6.3 million ETH have been staked on the Ethereum network, accounting for over 5% of the current circulating supply of ETH. Related Reading | As Ethereum Price Suffers, Investors Wonder If ETH Can Become Deflationary Investors had hoped shard chains would be rollout this year but this is unlikely as the possible date of launch for the shard chains has now been moved to 2020. Ethereum’s price continues to trade above $2,000 after the boost it received from Elon Musk. With a current market cap of $234.05B.
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Ethereum (ETH) Price Hits 3-week High As ETH 2.0 Staking Crosses $13 Billion Milestone

Ethereum (ETH) price hit a new 3-week high of $2,409 earlier today as the second-largest cryptocurrency starts building bullish momentum in the run-up to the London Hardfork. The upcoming hardfork would implement key changes to the Ethereum network including EIP-1559 that promises to resolve the critical gas fee problem. The gas fee on the Ethereum

The post Ethereum (ETH) Price Hits 3-week High As ETH 2.0 Staking Crosses $13 Billion Milestone appeared first on Coingape.

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Ethereum Upgrades Could Jumpstart $40 Billion Staking Industry, JP Morgan

Ethereum upgrades could jumpstart a $40 billion staking industry, according to a JP Morgan report. JP Morgan estimates that the staking industry is currently worth $9 billion and that this number could balloon to $40 billion by 2025. The report speculates that the launch of ETH 2.0 would lead to more adoption of the coin […]
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