Ethereum Marks One Year of PoS Transition: $1.5 Billion ETH Burned and Other Key Changes


16 Sep 2023 1:00 AM

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.

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You May Ask

What is the purpose of Ethereum's transition from Proof-of-Work to Proof-of-Stake?How does the burning mechanism work in Ethereum transactions?How much ETH has been burned so far, and what is its value?How many validators have participated in Ethereum staking since the transition?What is Fidelity Digital Assets' suggested price for Ethereum, and how did they calculate it?

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