Supply of Ether fell to its lowest level since August 2022, according to data from CryptoQuant, whichreportBy CNBC
Moreover, the current rate of decline in Ether supply is the fastest since May 2023. Over the past 30 days, Ether supply has decreased at an annual rate of 0.872%, according to the data.from ultrasound.money during The Merge, the rate decreased to 0.246%.
“High activity on the Ethereum network leads to high transaction fees. And as a result, more fees are being burned,” Julio Moreno, head of research at CryptoQuant, said in the report.
In raw numbers, more than 1.56 million Ether has been burned since The Merge, while less than 1.12 million Ether has been issued, and this has led to a net loss of more than 446,000 ether, worth nearly 1.62 billion. Dollar at current prices
“Total daily transactions are at record levels not seen since May 2023,” Moreno wrote, adding that “With high transaction activity, network fees are skyrocketing. And the fees are burned more and the total supply is reduced.”
Meanwhile The number of active addresses on the Ethereum network is also at its highest in a year and 12 months, according to The Block, with approximately 540,000 active Ethereum addresses.
In the same way The number of new addresses on the Ethereum network and on-chain volume are also at 12-month highs.
refer : theblock.co
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