Feb 16, 2023
37% Less ETH Supply on Exchanges Post-Merge
Ethereum (ETH), the second-largest cryptocurrency by market capitalization, has seen a steady decrease in exchange supply since its Merge upgrade in September 2022. According to crypto analytics firm Santiment, the amount of available ETH on exchanges has dropped by 37% since then. Before the Merge, 19.12 million ETH, worth $31.3 billion, were held on exchanges. As of the second week of February, that number has fallen to 13.36 million ETH, worth $19.7 billion.
A significant portion of the ETH supply is being moved into self-custody, while many traders are also choosing to stake their holdings in anticipation of the upcoming Shanghai upgrade in 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. This amount will become liquid again once the Shanghai hard fork is complete.
The Ethereum network has also become deflationary since the London upgrade in August 2021. A fee-burning mechanism introduced through Ethereum Improvement Proposal (EIP)-1559 has resulted in the burning of 2.9 million ETH, estimated to be worth $4.5 billion in today’s value.
The deflationary model and decrease in ETH held on exchanges is seen as a bullish sign by many in the crypto community, as it indicates that there is less ETH available to trade or sell. As such, NFTs are becoming increasingly popular as a way to promote and market crypto projects. NFTs are digital assets that are stored on the blockchain and can be used to create unique digital experiences, such as art, music, and collectibles.
NFTs are a great way to promote and market crypto projects, as they can be used to create unique digital experiences. For example, Twitter NFT marketing campaigns have become popular in the web3 space, with many crypto projects using them to engage with their community. NFTs can also be used to raise funds for projects and sell exclusive digital assets.
NFT marketing agencies are emerging to meet the growing demand for NFT promotion and marketing services. These agencies specialize in creating custom NFT marketing campaigns and strategies for crypto projects. They also provide services such as NFT minting, NFT sales, and NFT analytics.
Overall, Ethereum’s deflationary model and decrease in ETH held on exchanges is seen as a positive sign for the crypto space. As such, NFTs are becoming increasingly popular as a way to promote and market crypto projects, with NFT marketing agencies emerging to meet the growing demand for NFT promotion and marketing services.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.