Ethereum’s Total Circulation Supply Drops
It is reported that the total circulation supply of Ethereum has dropped to 120499921, a new low since the merger, according to the data of Ultrasound. Money, …
It is reported that the total circulation supply of Ethereum has dropped to 120499921, a new low since the merger, according to the data of Ultrasound. Money, about 21000 ETHs have been reduced compared with the merger.
The circulation supply of Ethereum decreased by about 21000 ETHs
Interpretation of the news:
The message reveals that the total circulation supply of Ethereum has dropped to a new low since the merger, with the data of Ultrasound Money indicating a total of 120499921. This figure represents a decline of about 21000 ETHs when compared to the merger.
This decline in Ethereum’s total circulation supply could be attributed to several factors. Firstly, it is important to note that Ethereum operates on a Proof of Work (PoW) consensus mechanism that requires miners to compete to solve complex mathematical problems to confirm transactions and receive rewards. With the increasing adoption of alternative consensus mechanisms such as Proof of Stake (PoS) and developments in Layer 2 scaling solutions, there could be a reduction in mining activity and consequently a reduction in the total circulation supply of Ethereum.
Another factor that could have contributed to the drop in Ethereum’s total circulation supply is the increase in decentralized finance (DeFi) applications built on the Ethereum network. Many DeFi protocols have implemented token burning mechanisms to create scarcity and increase the value of their native tokens. With the popularity of DeFi applications increasing, there might be a corresponding increase in token burning, reducing the total circulation supply of Ethereum.
Furthermore, the reduction in Ethereum’s total circulation supply could also be attributed to investors holding their Ethereum in anticipation of the upcoming Ethereum 2.0 upgrade. This upgrade aims to increase the scalability, security, and sustainability of the Ethereum network and transition it from a PoW consensus mechanism to a PoS consensus mechanism. With the expected benefits of the upgrade, many investors might be holding their Ethereum, resulting in a reduced total circulation supply.
In conclusion, the drop in Ethereum’s total circulation supply is notable and could be attributed to various factors, including a shift away from PoW, an increase in DeFi token burning, and anticipation of the Ethereum 2.0 upgrade. However, it will be interesting to see how the total circulation supply evolves in the coming months.
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