Ethereum Marks One Year of PoS Transition: $1.5 Billion ETH Burned and Other Key Changes
The Ethereum ($ETH) network has transitioned from a Proof-of-Work into a Proof-of-Stake consensus algorithm one year ago, in a move that has helped the network’s circulating supply start dropping and significantly reduced its environmental impact....
- The Ethereum network transitioned from Proof-of-Work to Proof-of-Stake one year ago, reducing its environmental impact.
- Ethereum transactions now burn ETH after the implementation of EIP-1559.
- Over 980,000 ETH tokens have been burned, worth over $1.5 billion.
- 11.6 million ETH have been staked by 362,000 validators.
- Ethereum staking has become a source of revenue for holders and exchanges.
- Ethereum's supply has been increasing at a yearly rate of 0.03% in the last 30 days.
- Fidelity Digital Assets suggests Ethereum is trading at a discount and calculates its price should be around $2,090.
- Large Ethereum whales have accumulated over $400 million worth of ETH in 24 hours.
- Ethereum's value has dropped 0.9% in 7 days amid a wider cryptocurrency market correction.
The article provides a positive outlook on the Ethereum network's transition to Proof-of-Stake, the burning of ETH, and the growth of staking. It also highlights Fidelity Digital Assets' positive view on Ethereum's value. However, it mentions a drop in Ethereum's value and a wider cryptocurrency market correction.