Feb 16, 2023
37% Less ETH on Exchanges Since Ethereum’s Merge Upgrade
Ether (ETH), the second-largest cryptocurrency by market capitalization, has seen a steady decrease in exchange supply since the Merge in September 2022. Crypto analytics firm Santiment reports that the amount of available ETH sitting on exchanges has dropped by 37% since the Merge. This is a bullish sign, as there is less ETH available to trade or sell.
Before the Merge, 19.12 million ETH, worth $31.3 billion, was held on exchanges. Now, only 13.36 million ETH, worth $19.7 billion, can be found there. This significant decrease in ETH supply is due to a shift to self-custody, as well as traders preparing for the upcoming Shanghai upgrade in March.
Currently, 16 million ETH, or 14% of the total supply, is staked on the Beacon Chain. This amounts to approximately $25 billion at current prices, and will become liquid after the Shanghai hard fork.
The Ethereum network is now deflationary post-London upgrade, as a fee-burning mechanism was introduced via Ethereum Improvement Proposal (EIP)-1559. Since the London upgrade in August 2021, a total of 2.9 million ETH has been burned, estimated to be worth $4.5 billion in today’s value.
The Ethereum network’s deflationary model is having a significant impact on the NFT and crypto markets. NFTs are digital assets that exist on the Ethereum blockchain, and are increasingly being used for marketing, promotion, and selling. NFTs are unique and non-fungible, meaning they can’t be duplicated or exchanged.
NFTs are becoming increasingly popular as a way to promote products and services, as well as to generate revenue. In addition to being used as a promotional tool, NFTs can also be sold directly to buyers, providing a new source of revenue for businesses.
NFTs are also becoming more popular on Twitter, as users are using them to promote their businesses and engage with their followers. Twitter NFT marketing is an effective way to reach a large audience, as well as to generate interest in a product or service.
With the Ethereum network becoming increasingly deflationary, the demand for NFTs is likely to increase. This could lead to more businesses turning to NFTs as a way to promote their products and services, as well as to generate revenue. As such, NFT marketing agencies and web3 agencies are likely to become more popular, providing businesses with the tools and expertise to create and promote their NFTs.
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.
