Feb 16, 2023
37% Less ETH on Exchanges Post-Merge
Ether (ETH), the second-largest cryptocurrency by market capitalization, has experienced a steady decrease in exchange supply since the Merge, a major upgrade to the Ethereum network that took place in September 2022. Crypto analytics firm Santiment reported that there has been a 37% decrease in ETH supply on exchanges since the Merge.
At the time of the Merge, there were 19.12 million ETH, worth $31.3 billion, on exchanges. As of the second week of February, this number had dropped to 13.36 million ETH, worth $19.7 billion.
This decrease in ETH supply is likely due to a combination of factors, including traders moving their ETH into self-custody and staking their holdings in anticipation of the upcoming Shanghai upgrade, which is scheduled for March. Currently, 16 million ETH, or 14% of the total supply, is staked on the Beacon Chain, amounting to approximately $25 billion at current prices.
The Ethereum network has also become deflationary since the London upgrade in August 2021. This deflationary model comes from a fee-burning mechanism introduced through Ethereum Improvement Proposal (EIP)-1559. Since the London upgrade, a total of 2.9 million ETH has been burned, estimated to be worth $4.5 billion in today’s value.
The decrease in ETH supply is a positive sign for the cryptocurrency and the web3 space, as it indicates that there is less ETH available to trade or sell. This could potentially lead to an increase in the price of ETH, as well as an increase in the use of NFTs, a type of digital asset that is becoming increasingly popular in the crypto and web3 space.
NFTs are unique digital assets that are used to represent ownership of digital items such as artwork, music, and collectibles. They can be used to promote and sell digital items, as well as to create unique experiences for users. As the popularity of NFTs continues to grow, so too does the need for effective NFT marketing.
Twitter is one of the most popular platforms for NFT promotion, and many web3 agencies specialize in NFT marketing on the platform. These agencies use a variety of tactics to promote NFTs, including leveraging influencers, creating engaging content, and running targeted ad campaigns.
For those looking to maximize their NFT sales, working with a web3 agency that specializes in NFT marketing on Twitter can be a great way to reach a wider audience and increase sales. With the right strategy, NFTs can be a great way to generate revenue and bring in more users to the web3 space.
Disclaimer: All investment or financial opinions expressed by MoonLanding Media are not recommendations and are intended for entertainment purposes only. Do your own research prior to making any kind of investment. This article has been generated based on trending topics, has not been fact checked and may contain incorrect information. Please verify all information before relying on it.
