Ethereum Burn Rate Slows as Issuance Outpaces Destruction
CryptoNewsTerminal Staff12 Aug, 2024
Ethereum Burn Rate Slows as Issuance Outpaces Destruction
Ethereum Burn Rate Slows as Issuance Outpaces Destruction The Ethereum network has burned a total of 465,657 ETH year-to-date, according to data from Watcher.Guru. However, the burn rate has slowed in recent months, with July recording the lowest monthly burn rate this year, at 17,114 ETH (down 35.0% month-over-month). In terms of quarterly figures, a total of 107,725 ETH was burned during Q2, marking a 67.7% decrease compared to Q1 (333,555 ETH). "Ethereum issuance has exceeded its burn rate," the media outlet explained. "A total of 540,958 ETH has been issued on the Ethereum network year-to-date." This means that more ETH is being created than is being burned, which could have implications for the price of ETH in the long term. However, it is important to note that the burn rate is still relatively high, and it is possible that it will increase again in the future. The burn rate is determined by a number of factors, including the price of ETH, the number of transactions on the network, and the amount of gas used per transaction.
