{"id":2885,"date":"2022-11-17T08:55:03","date_gmt":"2022-11-17T08:55:03","guid":{"rendered":"https://uk20201.com/blog\/?p=2885"},"modified":"2022-11-17T08:55:05","modified_gmt":"2022-11-17T08:55:05","slug":"ethereum-turns-deflationary-amid-market-turmoil-future-of-money","status":"publish","type":"post","link":"https://uk20201.com/blog\/en\/blockchain-en\/ex\/2885\/","title":{"rendered":"<strong>Ethereum Turns Deflationary Amid Market Turmoil \u2013 Future of Money?<\/strong>"},"content":{"rendered":"<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized\"><img decoding=\"async\" loading=\"lazy\" src=\"https://uk20201.com/blog\/wp-content\/uploads\/2022\/11\/image-4.png\" alt=\"Ethereum\" class=\"wp-image-2887\" width=\"331\" height=\"220\" srcset=\"https://uk20201.com/blog\/wp-content\/uploads\/2022\/11\/image-4.png 554w, https://uk20201.com/blog\/wp-content\/uploads\/2022\/11\/image-4-300x200.png 300w\" sizes=\"(max-width: 331px) 100vw, 331px\" \/><\/figure><\/div>\n\n\n<p>Ethereum \u2019s native token\u00a0ETH\u00a0is once again turning deflationary, as more tokens are burned than new ones issued, leading some proponents to point to ETH as a future sound money.<\/p>\n\n\n\n<p>The latest deflationary turn for ETH happened during the crypto market crash over the past few days, as transaction fees on ETH spiked as traders rushed to send tokens to and from exchanges. And as Ethereum users know by now, the network initiated its new token burn mechanism with the&nbsp;EIP-1559 upgrade&nbsp;in August 2021. The upgrade created a system where a portion of transaction fees are burned, making the issuance of ETH \u2013 at times \u2013 deflationary.<\/p>\n\n\n\n<p>As a result of this new burn mechanism, more tokens are burned as more ETH is transacted with and transaction fees paid.<\/p>\n\n\n\n<p>According to data from ETH tracking website\u00a0Ultrasound.money, the ETH supply has declined steadily since October 8, and turned negative on November 9. Since then, the supply has continued to fall at a faster rate, reaching an annual -1% supply growth at the time of writing.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized\"><img decoding=\"async\" loading=\"lazy\" src=\"https://uk20201.com/blog\/wp-content\/uploads\/2022\/11\/image-5.png\" alt=\"Ethereum\" class=\"wp-image-2888\" width=\"371\" height=\"178\" srcset=\"https://uk20201.com/blog\/wp-content\/uploads\/2022\/11\/image-5.png 554w, https://uk20201.com/blog\/wp-content\/uploads\/2022\/11\/image-5-300x144.png 300w\" sizes=\"(max-width: 371px) 100vw, 371px\" \/><\/figure><\/div>\n\n\n<p>Worth noting, however, is that the reduction in ETH supply has come as prices of the token have nosedived along with the broader crypto market. Over the past 7 days, the price of ETH was down by more than 16% over the past 7 days, although it still remained almost unchanged when looking at the month overall.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized\"><img decoding=\"async\" loading=\"lazy\" src=\"https://uk20201.com/blog\/wp-content\/uploads\/2022\/11\/image-6.png\" alt=\"Ethereum\" class=\"wp-image-2889\" width=\"349\" height=\"152\" srcset=\"https://uk20201.com/blog\/wp-content\/uploads\/2022\/11\/image-6.png 509w, https://uk20201.com/blog\/wp-content\/uploads\/2022\/11\/image-6-300x131.png 300w\" sizes=\"(max-width: 349px) 100vw, 349px\" \/><\/figure><\/div>\n\n\n<h2 class=\"wp-block-heading\">Ethereum-Not a new idea<\/h2>\n\n\n\n<p>The idea of ETH as ultra sound money was brought up as early as in March of 2021 by Ethereum Foundation researcher Justin Drake in an interview on the Bankless podcast:<\/p>\n\n\n\n<p>However, others are of a very different view, with for instance&nbsp;Bitcoin (BTC)&nbsp;proponents often arguing that the predictable and unchangeable issuance of BTC is what makes that sound money, and that the same cannot be said about ETH.<\/p>\n\n\n\n<p>Among those who have argued for this is the early bitcoiner Kyle Torpey, who last year wrote in an op-ed for&nbsp;<em>Cryptonews.com<\/em>&nbsp;that&nbsp;ETH is far from ultra sound money.<\/p>\n\n\n\n<p>In other words, the issue of whether ETH is \u2013 or can ever become \u2013 ultra sound money is still up for debate, and will probably remain so for the foreseeable future.<\/p>\n\n\n\n<p>U.TOWN\uff1a<a href=\"https:\/\/u.town\/en\">https:\/\/u.town\/en<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum \u2019s native token\u00a0ETH\u00a0is once again turning defl [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2887,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[488],"tags":[414,646,415],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.10 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Ethereum Turns Deflationary Amid Market Turmoil \u2013 Future of Money? 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