{"id":469125,"date":"2021-08-12T23:00:58","date_gmt":"2021-08-12T23:00:58","guid":{"rendered":"https:\/\/uniquehot.com\/?p=469125"},"modified":"2021-08-12T15:44:32","modified_gmt":"2021-08-12T15:44:32","slug":"ethereum-fee-burn-is-important","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/ethereum\/ethereum-fee-burn-is-important\/","title":{"rendered":"Ethereum Fee Burns Clocks $100 Million, Here\u2019s Why The Burn Is Important"},"content":{"rendered":"

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.<\/p>\n

Related Reading |\u00a0Ethereum Set To Explode According To Market Dominance, Crypto Analyst<\/a><\/strong><\/em><\/p>\n

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.<\/p>\n

It will take a while for the rate at which new ETH is burned out of circulation to be high enough that ETH\u2019s supply becomes deflationary. But that remains to be the end game here. And this is why the burn is so important to the network.<\/p>\n

Related Reading |\u00a0Here\u2019s What Happens To All Of The Crypto Assets The IRS Seizes<\/a><\/strong><\/em><\/p>\n

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.<\/p>\n

Putting Less ETH Into Circulation<\/h2>\n

The ETH burn is basically taking away a huge chunk of ETH that miners would have been given for mining blocks and \u201cburning\u201d 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 \u2018tip\u2019 to a transaction if they want their transaction to be included in a block faster, basically leading to faster confirmation times.<\/p>\n

Related Reading |\u00a0Why A Shocking Altcoin Season Could Be On The Horizon<\/a><\/strong><\/em><\/p>\n

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.<\/p>\n

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.<\/p>\n

Ethereum Price Going Forward<\/h2>\n

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.<\/p>\n

\"Ethereum<\/p>\n

ETH price dips as the week draws to a close | Source: ETHUSD on TradingView.com<\/a><\/pre>\n
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.<\/p>\n
Related Reading |\u00a0Bulls Take Over Market As Ethereum Price Surpasses $3,000, Why Rally May Continue<\/a><\/strong><\/em><\/p>\n
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.<\/p>\n
Featured image from Coingape, chart from TradingView.com<\/pre>\n","protected":false},"excerpt":{"rendered":"
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 |\u00a0Ethereum 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\u2019s 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 |\u00a0Here\u2019s 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 \u201cburning\u201d 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 \u2018tip\u2019 to a transaction if they want their transaction to be included in a block faster, basically leading to faster confirmation times. Related Reading |\u00a0Why 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 |\u00a0Bulls 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<\/p>\n","protected":false},"author":541,"featured_media":469126,"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":[83969,8323,37678,84011,1946,84012,8686,78803],"class_list":["post-469125","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-eip-1559","tag-eth","tag-eth-2-0","tag-eth-burn","tag-ethereum","tag-ethereum-burn","tag-ethusd","tag-ethusdt"],"acf":[],"yoast_head":"\nEthereum Fee Burns Clocks $100 Million, Here\u2019s Why The Burn Is Important<\/title>\n<meta name=\"description\" content=\"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. 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Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality. Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best\u2019s publications, which are always clear and concise, enabling easy reading and understanding for all. Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best\u2019s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community. Best\u2019s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information. Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world\u2019s most quiet and well-behaved Husky. Best\u2019s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well. As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers. Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best\u2019s prolific career in the media industry is a testament of how hard work and dedication pays.","sameAs":["https:\/\/www.linkedin.com\/in\/best-owie-41a150178\/","https:\/\/x.com\/https:\/\/twitter.com\/BestOwie"],"url":"https:\/\/uniquehot.com\/author\/owiebest\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Ethereum Fee Burns Clocks $100 Million, Here\u2019s Why The Burn Is Important","url":"http:\/\/uniquehot.com\/news\/ethereum\/ethereum-fee-burn-is-important\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/ethereum\/ethereum-fee-burn-is-important\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/08\/eth-burn.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/08\/eth-burn.jpeg?fit=1200%2C630"},"articleSection":"Ethereum","author":[{"@type":"Person","name":"Best Owie"}],"creator":["Best Owie"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["eip-1559","eth","eth 2.0","eth burn","ethereum","ethereum burn","ethusd","ethusdt"],"dateCreated":"2021-08-12T23:00:58Z","datePublished":"2021-08-12T23:00:58Z","dateModified":"2021-08-12T23:00:58Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Ethereum Fee Burns Clocks $100 Million, Here\\u2019s Why The Burn Is Important\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/ethereum\\\/ethereum-fee-burn-is-important\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/ethereum\\\/ethereum-fee-burn-is-important\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2021\\\/08\\\/eth-burn.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2021\\\/08\\\/eth-burn.jpeg?fit=1200%2C630\"},\"articleSection\":\"Ethereum\",\"author\":[{\"@type\":\"Person\",\"name\":\"Best Owie\"}],\"creator\":[\"Best Owie\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"eip-1559\",\"eth\",\"eth 2.0\",\"eth burn\",\"ethereum\",\"ethereum burn\",\"ethusd\",\"ethusdt\"],\"dateCreated\":\"2021-08-12T23:00:58Z\",\"datePublished\":\"2021-08-12T23:00:58Z\",\"dateModified\":\"2021-08-12T23:00:58Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/08\/eth-burn.jpeg?fit=1200%2C630","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/469125","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/541"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=469125"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/469125\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/469126"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=469125"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=469125"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=469125"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}