ETH is the first time since the protocol was launched EIP-1559 on a negative position in terms of daily issuance.
Emissions for ETH in negative numbers
The EIP-1559 protocol was launched on August 5. From that moment on, we witnessed relatively positive results, which showed the initial data. But now comes an analysis from Block’s Data Dashboard, which shows that daily ETH emissions reached negative numbers for the first time.
The update of the network after the hard-fork finally brought what everyone expected, namely a slight reduction in fees through their burning. There is a section in each new block transaction fees burned, which cut the miners, but the users could rejoice.
A relatively long time has passed since the launch, resulting in a burn of approximately 193 000 ETH with a value of approx $ 700 million.
Block´s Dashboard’s analysis further shows that a further 13,840 ETH has been burned since 3 September, but this exceeds the 13,507 ETH that have been mined in the same period. Ethereum thus slowly but surely becomes a deflationary asset. The same can be said about the issue, which also has a deflationary trend. However, the miners do not have to be so bad, as their income was managed to be maintained. This is mainly due to the huge boom around NFT.
As much as 15% of the total amount of ETH burned in August was accounted for by fees associated with activities on the market NFT OpenSea.