Ethereum (ETH) continues to be the talking point in the crypto community after the upgrade from London Hardfork or EIP 1559 went live on August 5th block happened in the Ethereum network.
The Ethereum network is expected to gain momentum due to this development. ETH is likely to become deflationary as its value is expected to continue to rise over time due to the reduced supply.
Eradication of inflationary tendencies in the ETH network
With the London Hardfork going live, the ETH network sets a basic fee for every transaction carried out and gives everyone a fair chance.
Users who may want to complete their transactions faster than the network’s standard regulations can tip the reviewers to speed up their transactions. Part of this tip is burned and will help improve the monetary policy of the Ethereum network as a whole.
In addition, this upgrade eliminates the use of other digital tokens to pay fees on the Ethereum network. Only ether is used, which restores the unique relevance of the ETH cryptocurrency.
Scarcity is introduced every time Ether is burned after being used in transactions. This feature will help eliminate inflationary tendencies to which the network was previously accustomed.
$ 211 million worth of Ethereum shorts liquidated
To to Moskovski CIO, Lex Moskovski:
“ETH bears were burned. $ 211 million in ETH shorts were liquidated within 24 hours. “
Additionally, a recent spike above $ 2,700 sparked crowd euphoria in the Ethereum ecosystem for the first time in 2 months. Therefore, social volume played a significant role in this increase.
The second largest cryptocurrency, based on market capitalization, is up 5.51% in the past 24 hours to hit $ 2,780 in intraday trading CoinMarketCap.
Ethereum is also emerging as one of the most sought-after networks in the crypto space as it accounts for almost half of the trading volume on top exchanges.
With the London Hardfork upgrade already done, it remains to be seen whether this will boost Ethereum’s upward momentum.
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