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The Ethereum Dencun upgrade is quick approaching and there have already been notable developments main as much as it. Besides the worth of ETH rising to new two-year highs, there was a big improve within the quantity of ETH that has been burned to this point.

Over 50,000 ETH Burned

The Ethereum burn, which was introduced with the EIP-1559 improve, has been ramping up over the previous yr. The ETH burned from charges on the blockchain rapidly crossed the $100 million mark, and has now climbed to a brand new milestone.

According to Ultrasound Money, a web site devoted to monitoring the efficiency of Ethereum since EIP-1559 was carried out, there have now been over 1.5 million ETH burned. A extra correct determine is 1,502,518.84 ETH on the time of writing, which is greater than $5.6 billion at present costs.

The variety of burned ETH has additionally drastically surpassed that of ETH issued, which signifies that the community has turned deflationary. Compared to the 1,502,518.84 ETH burned, there have been just one,089,809.20 ETH issued in the identical time interval. This reveals that the availability has not elevated regardless of the brand new issuance, and ETH already in circulation is being burned as nicely.

At the time of the improve in 2022, the full Ethereum provide was 120,521,245. However, since then, the burn has been slowly consuming into this determine and is at present sitting at 120,108,332 ETH. This signifies that the ETH provide has decreased by 412,706 ETH price $1.55 billion since 2022.

Ethereum Dencun Upgrade Looms On The Horizon

The Ethereum Dencun improve is the newest in an extended line of upgrades which have taken place in an effort to make it a greater community. This improve is anticipated to come back with quite a few enhancements for the community, together with boosting its effectivity and capability.

It was launched on all testnets last week which is anticipated to be the ultimate section earlier than the launch. The launch itself has been scheduled to take place less than a week from now on March 13. Once accomplished, a rise in block area is anticipated to comply with.

Presently, the ETH price is performing fairly properly main as much as the improve. It just lately touched $3,900 for the first time since 2022, and whereas there was a slight retracement, the altcoin continues to development excessive above $3,700 on the time of writing.

ETH value strikes towards $3,800 | Source: ETHUSD on Tradingview.com

Featured picture from Crypto News, chart from Tradingview.com

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