L'offre d'Ethereum réduit de 3,000 XNUMX ETH

L'offre totale d'Ethereum est passée de 120,534,212 120,530,723 15 samedi à XNUMX XNUMX XNUMX, sa plus forte baisse depuis la mise à niveau de Merge le XNUMX septembre.

Cette réduction de l'offre est due à une augmentation de l'activité du réseau, avec près de 13,000 3,500 eth brûlés la semaine dernière, et plus de 24 XNUMX eth brûlés au cours des dernières XNUMX heures.

This appears to be due to XEN Crypto, which has burned 3x more than Uniswap in the past week, or 3,000 eth.

The project is a “Proof of Participation” new token which anyone can mint. The difficulty of minting increases with the number of participants, with its design so somewhat following that of bitcoin, though without a supply cap and without mining.

Apparently this project is by Jack Levin who claims to be one of the earliest Google employee and founder of ImageShack.

He dit his aim is just to contribute “to the weird world of Crypto,” and in this case to the reduction of ethereum’s total supply.

Nickelodeon is holding a mint as well, they’re giving away free NFTs. “Time to rule the cul-de-sac with your new Rugrats and Hey Arnold! PFP,” they dire.

NFTs as a whole have burned 2,900 eth in the past seven days, while defi has burned 3,000 eth.

Curiously second layers (L2s) have burned 180 eth. It used to be zero before last year, with this sum of $250,000 somewhat significant considering network fees have been at 50 cent.

Second layers allow for compression of such network fees, so that say 100 transactions are just one on-chain transaction, with this fee level so indicating there has been some decent growth in the adoption of these secondary networks.

Network fees themself have risen now, though still at 80 cent for a base transaction, but nearing on $7 for a Uniswap exchange.

This higher network activity translates to more eth being taken out of circulation as part of the network fees are burned, sent to the zero network address.

Taking out that burned part from network rewards given to stakers gives us the total supply, which is 300,000 eth less than it would have been without the merge.

That’s a cool $400 million in the past month taken out of supply. Potentially explaining a robust ratio for eth just below 0.07 BTC, when it was at 0.02 BTC during the last bear.

This is even while network activity has seen some of the lowest levels, and only now appears to be picking up a bit.

Even at this low usage therefore, close to half a billion dollars worth of eth is being taken out of the supply, with only a slight increase in activity as we have seen recently being sufficient to reduce its total supply, and thus turn eth into a rarer deflationary asset.