Deflation retreated from $ETH once again as lack of network activity makes it inflationary once again
Ethereum's burning mechanism is a relatively simple system with an open and understandable set of rules. A certain percentage of each transaction fee goes to the burning address — a certain wallet that no person can access — hence, every ETH sent on it is technically removed from circulation.
Simply put, the greater the number of transactions on the network is, the higher the burn rate we are going to witness. During the DeFi and NFT era, Ether's burning machine has been destroying up to 200 ETH per block, worth approximately $1 million at ATH.With the tumbling of the most transaction-consuming industries on the network, Ethereum's network load plunged massively, causing a drop in fee size, number of transactions on the network and descending burn rate.
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