- The ETH burn rate has dropped to record lows amid a decline in Ethereum network activity.
- In contrast, Ethereum rival Solana has seen its DeFi TVL jump by nearly four-fold year-to-date.
Ethereum’s [ETH] burn rate has dropped to record lows after 121 ETH tokens were burnt on the 10th of August, marking the lowest level since the implementation of the EIP-1559 upgrade.
The declining burn rate, as seen on Etherscan, comes as the network continues to lose its dominance in the decentralized finance (DeFi) market.
Declining activity on Ethereum
Ethereum still holds the giant share of the DeFi market, with a total value locked of $47 billion according to DeFiLlama.
However, rival networks such as Tron [TRX] and Solana [SOL] have been eating up its market share, causing a significant 17% drop in TVL since the 1st of August.
The waning DeFi activity has also led to a drop in the number of daily active addresses.
According to AMBCrypto’s look at Santiment’s data, Ethereum’s daily active addresses have dropped from 731,000 on the 22nd of July to around 386,000 on the 11th of August.
Source: Santiment
A decrease in TVL and user activity means fewer transactions, which impedes the gas fees collected and burned. This has seen Ethereum’s burn rate tank to the lowest level in years.
Source: Etherscan
AMBCrypto’s look at Ultrasound Money data also showed that in the last seven days, 3,885 ETH tokens were burned while 18,000 tokens were issued.
Thus, Ethereum has turned inflationary, with a net total of 14,206 ETH entering the circulating supply.
Is ETH losing to SOL?
As Ethereum struggles with declining network activity, its top rival, Solana, has recorded a notable rise in DeFi TVL.
Solana’s TVL was $4.72 billion at press time, representing a nearly four-fold increase from around $1.4 billion on the 1st of January.
Solana was also outperforming ETH in terms of price. While Ethereum has gained 39% over the past year, Solana has seen a staggering 487% increase.
ETH was trading at $2.581 at the time of writing after shedding 13% in the last two weeks.
However, traders were betting on a positive price action, as Ethereum’s Funding Rate flipped from negative to positive at the time of writing.
This indicated that more traders are taking long positions, suggesting a flip to a bullish sentiment.
Source: Coinglass
Demand driven by spot Ether exchange-traded funds (ETFs) is also a catalyst for further gains.
Read Ethereum’s [ETH] Price Prediction 2024-25
Since the 23rd of July, Wall Street giants BlackRock and Fidelity have purchased $761 million and $282 million worth of Ether respectively for their ETH ETFs, according to SosoValue.
Ethereum also saw the highest inflows last week of $155 million, according to a recent report by Coinshares.
- The ETH burn rate has dropped to record lows amid a decline in Ethereum network activity.
- In contrast, Ethereum rival Solana has seen its DeFi TVL jump by nearly four-fold year-to-date.
Ethereum’s [ETH] burn rate has dropped to record lows after 121 ETH tokens were burnt on the 10th of August, marking the lowest level since the implementation of the EIP-1559 upgrade.
The declining burn rate, as seen on Etherscan, comes as the network continues to lose its dominance in the decentralized finance (DeFi) market.
Declining activity on Ethereum
Ethereum still holds the giant share of the DeFi market, with a total value locked of $47 billion according to DeFiLlama.
However, rival networks such as Tron [TRX] and Solana [SOL] have been eating up its market share, causing a significant 17% drop in TVL since the 1st of August.
The waning DeFi activity has also led to a drop in the number of daily active addresses.
According to AMBCrypto’s look at Santiment’s data, Ethereum’s daily active addresses have dropped from 731,000 on the 22nd of July to around 386,000 on the 11th of August.
Source: Santiment
A decrease in TVL and user activity means fewer transactions, which impedes the gas fees collected and burned. This has seen Ethereum’s burn rate tank to the lowest level in years.
Source: Etherscan
AMBCrypto’s look at Ultrasound Money data also showed that in the last seven days, 3,885 ETH tokens were burned while 18,000 tokens were issued.
Thus, Ethereum has turned inflationary, with a net total of 14,206 ETH entering the circulating supply.
Is ETH losing to SOL?
As Ethereum struggles with declining network activity, its top rival, Solana, has recorded a notable rise in DeFi TVL.
Solana’s TVL was $4.72 billion at press time, representing a nearly four-fold increase from around $1.4 billion on the 1st of January.
Solana was also outperforming ETH in terms of price. While Ethereum has gained 39% over the past year, Solana has seen a staggering 487% increase.
ETH was trading at $2.581 at the time of writing after shedding 13% in the last two weeks.
However, traders were betting on a positive price action, as Ethereum’s Funding Rate flipped from negative to positive at the time of writing.
This indicated that more traders are taking long positions, suggesting a flip to a bullish sentiment.
Source: Coinglass
Demand driven by spot Ether exchange-traded funds (ETFs) is also a catalyst for further gains.
Read Ethereum’s [ETH] Price Prediction 2024-25
Since the 23rd of July, Wall Street giants BlackRock and Fidelity have purchased $761 million and $282 million worth of Ether respectively for their ETH ETFs, according to SosoValue.
Ethereum also saw the highest inflows last week of $155 million, according to a recent report by Coinshares.
Нужна реконструкция деревянного дома? Наша бригада из опытных строителей из Белоруссии готова воплотить ваши идеи в реальность! Современные технологии, индивидуальный подход, и качество – это наши гарантии. Посетите наш сайт реконструкция дома в Ожерелье и начните строительство вашего уюта прямо сейчас! #БелорусскаяБригада #Шлифовка #Реконструкция #Достройка
clomid generic name clomid price at clicks can i order clomiphene pills clomid price how to get clomid without prescription generic clomid without prescription where buy cheap clomid price
I am in point of fact delighted to glitter at this blog posts which consists of tons of of use facts, thanks towards providing such data.
More articles like this would frame the blogosphere richer.
azithromycin 500mg us – flagyl 200mg drug buy flagyl 200mg pill
motilium 10mg pills – flexeril tablet cyclobenzaprine drug
inderal without prescription – order methotrexate 5mg generic order methotrexate 2.5mg without prescription
buy amoxicillin online cheap – how to buy amoxicillin order ipratropium 100 mcg online cheap
purchase zithromax without prescription – buy azithromycin online cheap order generic nebivolol
buy clavulanate paypal – atbioinfo.com buy generic acillin over the counter
order esomeprazole 20mg without prescription – nexiumtous nexium pills
medex generic – https://coumamide.com/ buy cozaar 50mg pills
buy meloxicam 7.5mg generic – moboxsin mobic pill
prednisone 10mg pills – corticosteroid prednisone 40mg canada
best ed medications – fastedtotake.com buy erectile dysfunction pills
buy amoxil cheap – https://combamoxi.com/ buy generic amoxil for sale
order fluconazole 200mg generic – flucoan purchase forcan sale
tadalafil oral jelly – https://ciltadgn.com/# cialis super active real online store
zantac 300mg sale – https://aranitidine.com/# zantac 300mg generic
cialis price canada – https://strongtadafl.com/ side effects of cialis daily