The ethereum Dencun upgrade is fast approaching and there have already been notable developments ahead of it. In addition to the eth price rising to new two-year highs, there has been a significant increase in the amount of eth that has been burned so far.
More than 50,000 eth burned
ethereum burning, which occurred with the EIP-1559 update, has increased over the past year. The eth burned by fees on the blockchain quickly surpassed the $100 million mark and has now reached a new milestone.
According Ultrasound money, a website dedicated to tracking ethereum's performance since EIP-1559 was implemented, more than 1.5 million eth have now been burned. A more accurate figure is 1,502,518.84 eth at the time of writing, which is over $5.6 billion at current prices.
The amount of eth burned has also far exceeded that of eth issued, meaning the network has become deflationary. Compared to the 1,502,518.84 eth burned, only 1,089,809.20 eth have been issued in the same time period. This shows that the supply has not increased despite the new issuance, and that the eth already in circulation is also being burned.
At the time of the update in 2022, the total supply of ethereum was 120,521,245. However, since then, the burn has been slowly consuming this figure and it currently stands at 120,108,332 eth. This means that the supply of eth has decreased by 412,706 eth worth $1.55 billion since 2022.
ethereum Dencun Upgrade Looms on the Horizon
The ethereum Dencun upgrade is the latest in a long line of upgrades that have been made in an effort to make it a better network. This upgrade is expected to include a number of improvements to the network, including increasing its efficiency and capacity.
Was ethereum-finalizes-dencun-upgrade-on-testnets/” rel=”nofollow”>launched on all test networks last week which is expected to be the final phase before launch. The launch itself has been ethereum-dencun-upgrade-to-launch-on-march-13/” rel=”nofollow”>scheduled for less than a week from now, March 13. Once completed, an increase in block space is expected to follow.
Currently, the eth price is performing quite well ahead of the update. It recently touched $3,900 for the first time since 2022, and although there has been a slight pullback, the altcoin continues to trend high above $3,700 at the time of writing.
<img decoding="async" class="aligncenter size-medium" src="https://technicalterrence.com/wp-content/uploads/2024/03/Total-ETH-Burned-Surpasses-15-Million-Ahead-of-Ethereum-Dencun" alt="Tradingview.com ethereum Price Chart (Dencun Update)” width=”3286″ height=”1530″ loading=”lazy”/>
eth price moves toward $3,800 | Source: ETHUSD on Tradingview.com
Featured image from crypto News, chart from Tradingview.com
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