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Home Ethereum

Ethereum’s circulating supply craters to 120M – A post-Merge low

February 22, 2024
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Journalist

Posted: February 23, 2024


  • Ethereum’s burn rate spiked in January.
  • This has resulted in a decline in the coin’s circulating supply.

18,109 Ether [ETH], worth around $53.17 million at press time, have been removed from circulation in the last 30 days, pushing its circulating supply to a new post-Merge low, per Ultrasound.money.

Source: Ultrasoundmoney.com

Information from the data provider showed that the leading alt’s circulating supply was 120.16 million ETH at press time.

This was the lowest in 524 days, when the coin’s network transitioned to a Proof-of-Stake (PoS) consensus mechanism in an event popularly referred to as “The Merge.”

When the Ethereum network sees growth in demand and utilization, its burn rate increases, and more ETH coins are permanently removed from circulation.

This spike in network activity is often accompanied by a jump in transaction fees.

According to data from Messari, average transaction fees on the Ethereum network have increased by a whopping 100% since the 17th of February.

An uptick in activity on the Ethereum network

An assessment of Ethereum’s non-fungible tokens (NFTs) and decentralized finance (DeFi) verticals confirmed the rally in network demand.

According to data from CryptoSlam, NFT sales volume on the Ethereum network has totaled $395 million so far this month. 

With a few days left till the close of the month, this figure already represented Ethereum’s highest monthly NFT sales volume since April 2023. 

Data from CryptoSlam showed that 619,000 NFT sales transactions have been completed by 91,000 unique sellers and 108,000 unique buyers in the last 21 days. 

See also  Vitalik Buterin hails Ethereum's L1 scaling as +50% validators want...

Regarding its DeFi sector, a major indicator of growth on the Ethereum network is the rally recorded in total value locked (TVL) in the last 30 days. 

According to data from DefiLlama, Ethereum’s TVL was $46 billion at press time, climbing by 45% in the last month.

During that period, the liquid staking platform Lido Finance, the foremost protocol on the chain, registered a 39% TVL uptick. 


Is your portfolio green? Check out the ETH Profit Calculator


Further, Ethereum has witnessed a spike in its decentralized exchange (DEX) trade volumes amid the current rally in the values of crypto assets.

Per data from Artemis, the total volume of daily transactions executed on DEXes housed on Ethereum has skyrocketed by 118% since the 17th of February. 

Next: How Solana stands to benefit from NVIDIA and the AI hype

READ ALSO

Ethereum Looks Ready To Break Out Of 4-Year Consolidation, Analyst Says Price Will ‘Go Insane’

Binance loses 300K ETH – Here’s what it means for bulls eyeing $2.7K

Journalist

Posted: February 23, 2024


  • Ethereum’s burn rate spiked in January.
  • This has resulted in a decline in the coin’s circulating supply.

18,109 Ether [ETH], worth around $53.17 million at press time, have been removed from circulation in the last 30 days, pushing its circulating supply to a new post-Merge low, per Ultrasound.money.

Source: Ultrasoundmoney.com

Information from the data provider showed that the leading alt’s circulating supply was 120.16 million ETH at press time.

This was the lowest in 524 days, when the coin’s network transitioned to a Proof-of-Stake (PoS) consensus mechanism in an event popularly referred to as “The Merge.”

See also  Ethereum fees see $4 spike as L2 network airdrop causes congestion

When the Ethereum network sees growth in demand and utilization, its burn rate increases, and more ETH coins are permanently removed from circulation.

This spike in network activity is often accompanied by a jump in transaction fees.

According to data from Messari, average transaction fees on the Ethereum network have increased by a whopping 100% since the 17th of February.

An uptick in activity on the Ethereum network

An assessment of Ethereum’s non-fungible tokens (NFTs) and decentralized finance (DeFi) verticals confirmed the rally in network demand.

According to data from CryptoSlam, NFT sales volume on the Ethereum network has totaled $395 million so far this month. 

With a few days left till the close of the month, this figure already represented Ethereum’s highest monthly NFT sales volume since April 2023. 

Data from CryptoSlam showed that 619,000 NFT sales transactions have been completed by 91,000 unique sellers and 108,000 unique buyers in the last 21 days. 

Regarding its DeFi sector, a major indicator of growth on the Ethereum network is the rally recorded in total value locked (TVL) in the last 30 days. 

According to data from DefiLlama, Ethereum’s TVL was $46 billion at press time, climbing by 45% in the last month.

During that period, the liquid staking platform Lido Finance, the foremost protocol on the chain, registered a 39% TVL uptick. 


Is your portfolio green? Check out the ETH Profit Calculator


Further, Ethereum has witnessed a spike in its decentralized exchange (DEX) trade volumes amid the current rally in the values of crypto assets.

Per data from Artemis, the total volume of daily transactions executed on DEXes housed on Ethereum has skyrocketed by 118% since the 17th of February. 

Next: How Solana stands to benefit from NVIDIA and the AI hype
Tags: 120MCirculatingcratersEthereumsPostMergesupply

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Memecoin Project Obama6900 (OBX) Joins the Fight Against Malaria with Long-Lasting Insecticidal Nets (LLINs)

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Tezos 2023 Outlook: An Overview of Tezos (XTZ)

Tezos 2023 Outlook: An Overview of Tezos (XTZ)

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UK risks regulating NFTs the wrong way, says Mintable CEO

UK risks regulating NFTs the wrong way, says Mintable CEO

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Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

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How to Earn Keys to Boost Your HMSTR Airdrop

How to Earn Keys to Boost Your HMSTR Airdrop

September 10, 2024

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Bitcoin sentiment in fear zone – Is now the time to buy BTC?

Bitcoin sentiment in fear zone – Is now the time to buy BTC?

October 5, 2024
Bitcoin, Ethereum lead May’s NFT scene amidst sales dip – How?

Bitcoin, Ethereum lead May’s NFT scene amidst sales dip – How?

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5 Must-Join Airdrop Events on Telegram This October

5 Must-Join Airdrop Events on Telegram This October

October 1, 2024
Uniswap Labs to pay a fine to CFTC for illegally offering crypto derivatives trading

Uniswap Labs to pay a fine to CFTC for illegally offering crypto derivatives trading

September 4, 2024

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