{"id":524694,"date":"2023-03-28T11:30:00","date_gmt":"2023-03-28T11:30:00","guid":{"rendered":"https:\/\/wncen.com\/?p=524694"},"modified":"2023-03-28T11:23:03","modified_gmt":"2023-03-28T11:23:03","slug":"ethereum-pinned-below-2000-despite-network-burning-over-3-million-eth","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum\/ethereum-pinned-below-2000-despite-network-burning-over-3-million-eth\/","title":{"rendered":"Ethereum Pinned Below $2,000 Despite Network Burning Over 3 Million ETH"},"content":{"rendered":"

Ethereum prices remain below $2,000 months after the network initiated EIP-1559,\u00a0<\/span>trackers<\/span><\/a>\u00a0on March 28 reveal.<\/span><\/p>\n

Ethereum Prices Trending Below $2,000<\/span><\/h2>\n

ETH, the native currency of Ethereum, is currently trading at $1,717, stable on the last day and week but retracing from recent highs of around $1,850.<\/span><\/p>\n

The network has burnt over 3 million ETH from gas fees since the activation of Ethereum Improvement Proposal (EIP) 1559 in August 2021, a move that gradually makes the coin deflationary. However, despite this, the coin has been unable to break above $2,000 since May 2022.\u00a0<\/span><\/p>\n

EIP-1559 was an intervention by the developer community to reduce the supply of ETH and it was a new way for Ethereum to calculate process transaction fees, effectively adjusting the fee market and making gas more predictable. Earlier, Ethereum used an auction system where miners prioritized transactions tagged with high fees.<\/span><\/p>\n

Related Reading: Ethereum Price is Struggling, But It\u2019s Too Early to Say Bulls Have Given Up<\/a><\/div>\n

In EIP-1559, the team agreed to introduce a base fee and a “tip” for every gas fee paid in a transaction. The base fee is what everyone transacting on Ethereum must pay. Notably, this fee will be adjustable depending on network demand and would be burned. <\/span><\/p>\n

At the same time, the transactor would give a “tip” to the block validator as an incentive to include their transaction in a block. This fee is optional, and only those who want their transactions to be included in blocks faster can pay.<\/span><\/p>\n

\"Ethereum<\/a><\/p>\n

Ethereum Price On March 28 | Source: ETHUSDT On Binance, TradingView<\/a><\/pre>\n
Over 3 Million ETH Burned Since August 2021<\/span><\/h2>\n
From August 2021, when Ethereum introduced EIP-1559, the network has\u00a0<\/span>burned<\/span><\/a>\u00a0over 3 million ETH. At the same time, over 69,450 ETH has been destroyed since the Merge, when Ethereum officially transited to a proof of stake system, switching off miners. <\/span><\/p>\n
Considering the current pace of ETH burning, the coin has been deflationary by 0.1% annually. Proponents are bullish that ETH will never be inflationary again, a move that could push prices even higher in the months and years ahead.<\/span><\/p>\n
The pace of ETH burning depends on network activity. Over the months, especially during the 2022 bear run, ETH and token prices crashed, as DeFi and NFT activities also fell. The total value locked (TVL) in DeFi remains<\/a> less than half the peaks of 2021, while NFT trading is subdued even with the recovery of asset prices in Q1 2023.<\/span><\/p>\n
Related Reading: Number Of Ethereum Addresses In Profit Hits 10-Month High As ETH Continues Rally<\/a><\/div>\n
Trackers on March 28 indicate that ETH transfers contribute to the bulk of coins destroyed since EIP-1559. From August 2021, users transferring ETH between addresses have contributed to 266,217.50 ETH being destroyed. <\/span><\/p>\n
\"Ethereum
Ethereum ETH burnt: Ultra Sound Money<\/figcaption><\/figure>\n
Meanwhile, because of NFTs, primarily through OpenSea, 230,050 ETH have been burned, with 152,369 ETH destroyed from Uniswap’s trading activities.<\/span><\/p>\n
Feature Image From Canva, Chart From TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"
Ethereum prices remain below $2,000 months after the network initiated EIP-1559,\u00a0trackers\u00a0on March 28 reveal. Ethereum Prices Trending Below $2,000 ETH, the native currency of Ethereum, is currently trading at $1,717, stable on the last day and week but retracing from recent highs of around $1,850. The network has burnt over 3 million ETH from gas fees since the activation of Ethereum Improvement Proposal (EIP) 1559 in August 2021, a move that gradually makes the coin deflationary. However, despite this, the coin has been unable to break above $2,000 since May 2022.\u00a0 EIP-1559 was an intervention by the developer community to reduce the supply of ETH and it was a new way for Ethereum to calculate process transaction fees, effectively adjusting the fee market and making gas more predictable. Earlier, Ethereum used an auction system where miners prioritized transactions tagged with high fees. Related Reading: Ethereum Price is Struggling, But It\u2019s Too Early to Say Bulls Have Given Up In EIP-1559, the team agreed to introduce a base fee and a “tip” for every gas fee paid in a transaction. The base fee is what everyone transacting on Ethereum must pay. Notably, this fee will be adjustable depending on network demand and would be burned. At the same time, the transactor would give a “tip” to the block validator as an incentive to include their transaction in a block. This fee is optional, and only those who want their transactions to be included in blocks faster can pay. Ethereum Price On March 28 | Source: ETHUSDT On Binance, TradingView Over 3 Million ETH Burned Since August 2021 From August 2021, when Ethereum introduced EIP-1559, the network has\u00a0burned\u00a0over 3 million ETH. At the same time, over 69,450 ETH has been destroyed since the Merge, when Ethereum officially transited to a proof of stake system, switching off miners. Considering the current pace of ETH burning, the coin has been deflationary by 0.1% annually. Proponents are bullish that ETH will never be inflationary again, a move that could push prices even higher in the months and years ahead. The pace of ETH burning depends on network activity. Over the months, especially during the 2022 bear run, ETH and token prices crashed, as DeFi and NFT activities also fell. The total value locked (TVL) in DeFi remains less than half the peaks of 2021, while NFT trading is subdued even with the recovery of asset prices in Q1 2023. Related Reading: Number Of Ethereum Addresses In Profit Hits 10-Month High As ETH Continues Rally Trackers on March 28 indicate that ETH transfers contribute to the bulk of coins destroyed since EIP-1559. From August 2021, users transferring ETH between addresses have contributed to 266,217.50 ETH being destroyed. Meanwhile, because of NFTs, primarily through OpenSea, 230,050 ETH have been burned, with 152,369 ETH destroyed from Uniswap’s trading activities. Feature Image From Canva, Chart From TradingView<\/p>\n","protected":false},"author":384,"featured_media":524695,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[83969,88049,1946,85736,88048,78803],"class_list":["post-524694","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-eip-1559","tag-eth-burning","tag-ethereum","tag-ethereum-merge","tag-ethereum-prices","tag-ethusdt"],"acf":[],"yoast_head":"\nEthereum Pinned Below $2,000 Despite Network Burning Over 3 Million ETH<\/title>\n<meta name=\"description\" content=\"Ethereum prices remain below $2,000 months after the network initiated EIP-1559,\u00a0trackers\u00a0on March 28 reveal.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.","sameAs":["https:\/\/www.linkedin.com\/in\/dalmas-ngetich-40a67a147\/","https:\/\/x.com\/Dalmas_Ngetich"],"url":"https:\/\/wncen.com\/author\/dalmasngetich\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Ethereum Pinned Below $2,000 Despite Network Burning Over 3 Million ETH","url":"http:\/\/wncen.com\/news\/ethereum\/ethereum-pinned-below-2000-despite-network-burning-over-3-million-eth\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/ethereum\/ethereum-pinned-below-2000-despite-network-burning-over-3-million-eth\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/Ethereum-ETH-Prices-Below-2000.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/Ethereum-ETH-Prices-Below-2000.jpg?fit=1380%2C780"},"articleSection":"Ethereum","author":[{"@type":"Person","name":"Dalmas Ngetich"}],"creator":["Dalmas Ngetich"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["eip-1559","eth burning","ethereum","ethereum merge","ethereum prices","ethusdt"],"dateCreated":"2023-03-28T11:30:00Z","datePublished":"2023-03-28T11:30:00Z","dateModified":"2023-03-28T11:30:00Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Ethereum Pinned Below $2,000 Despite Network Burning Over 3 Million ETH\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/ethereum\\\/ethereum-pinned-below-2000-despite-network-burning-over-3-million-eth\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/ethereum\\\/ethereum-pinned-below-2000-despite-network-burning-over-3-million-eth\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/03\\\/Ethereum-ETH-Prices-Below-2000.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/03\\\/Ethereum-ETH-Prices-Below-2000.jpg?fit=1380%2C780\"},\"articleSection\":\"Ethereum\",\"author\":[{\"@type\":\"Person\",\"name\":\"Dalmas Ngetich\"}],\"creator\":[\"Dalmas Ngetich\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"eip-1559\",\"eth burning\",\"ethereum\",\"ethereum merge\",\"ethereum prices\",\"ethusdt\"],\"dateCreated\":\"2023-03-28T11:30:00Z\",\"datePublished\":\"2023-03-28T11:30:00Z\",\"dateModified\":\"2023-03-28T11:30:00Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/Ethereum-ETH-Prices-Below-2000.jpg?fit=1380%2C780","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/524694"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/384"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=524694"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/524694\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/524695"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=524694"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=524694"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=524694"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}