Ethereum network marks first deflationary week

After the Ethereum “London” hard fork has become fully operational, the network burns resources for at least three months.Over the past seven days, more Ether has been burned on the platform than it has been produced, marking the first pure deflationary week for Ether.

According to Watch the Burn, over the past seven daysOver 100,000 ETH was burned, while only 93,000 ETH was mined in the same time period. Thus, the total net ether emission is approximately minus 8600, worth approximately $37 million.

Since the London hard fork introducedEIP-1559, Ethereum lost huge sums. In just over a month, more than $1 billion in ETH was spent on transaction fees, which were previously used to reward network miners. Today, rewards for miners are given as additional “advice” provided by network users.

However, the funds received from these tips areonly a fraction of the previous rewards. Over the past seven days, miners have received less than 14 thousand ETH in tips, which is why the largest mining pool, Ethereum Sparkpool, has come out against EIP-1559.

According to Tokenview, projects responsible for the burn include Fat Ape NFT, Parallel, XRUNE and others.

Watch the Burn also displays the percentage of "cleanReduction ", which shows how much the emission of ETH has decreased since the introduction of EIP-1559. This percentage exceeds 100% in a week - another indicator that more airs have been burned than released.

ConsenSys founder Joe Lubin is confident that thisthe update turns ether into “supersonic money,” and Week in Ethereum News founder Evan Van Ness noted Bitcoin’s failure to reduce supply in a similar way.

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