Ethereum destroyed $250 million in ETH, now over $23 billion stored in ETH 2.0 » Crypto Insiders

Ethereum (ETH) feed it start this month Long-awaited update with “London” hard fork. This update, called Ethereum Improvement Proposal (EIP) 1559, fixed the transaction fee system blockchain network on the bulldozer.

Ethereum has faced huge transaction costs this year due to network congestion caused by the explosion Decentralized Finance (DeFi) employment Non-fungible token (NFT) markets.

destroyed 250 million dollars

The new system makes these transaction costs more predictable and more stable by introducing a base fee that is destroyed after each transaction. according to the money Nearly 74,000 ETH worth nearly $250 million have been destroyed since the update.

But that does not make the ether deflationary. This is likely to be the case only after the so-called Merge, or fusion, with the Ethereum 2.0 blockchain. At this point, Ethereum will switch from a proof of work Protocol (PoW) (as Bitcoin) To the proof of stake Protocol (PoS) (such as Cardano).

$23 billion from GASTACID

This consolidation is expected to occur sometime in six months. of data from Etherscan It turns out that more than 7 million ETH, worth about $23 billion, has already been placed, or reserved, in the ETH 2.0 deposit contract. for what is called checker In order to be included in the new system, users must lock in at least 32 ETH.

Locking the ether is a sign of great faith in Cryptocurrency. It is currently impossible to remove this ether from the nodes again, and that will only be possible in an update somewhere after the merge.

The price of ether a. In May absolutely high (ATH) from $4,350 but fell below $1,800 in late June and late July. Since July 20, the price of Ether (just like Bitcoin) has gone up again and today is $3,250.

The Cardano Strike (ADA) has also grown rapidly in recent times. Recently it seemed that the number of headlines strike By 25% this summer. ADA price settled at ATH at $2.64 this morning.