Even more interestingly though, this 287,413 $ETH represents $931M that would have gone into the hands of miners previously
Miners who are infamously known for selling to cover expenses from energy intensive Proof of Work
The effects of this will be shown exponentially soon
Then we have things like staking.
If you didn’t believe EIP-1559 would make $ETH deflationary, just wait until the transition to Proof of Stake next year
There is already 7.6M $ETH staked inside the deposit contract, or $25B worth earning yield…
With both staking and EIP-1559 combined, a total of ~7.9M $ETH has been taken out of the supply in less than a year, and issuance is set to decrease (even more)
But these figures don’t even begin to account for the merge, which will significantly increase the yield for staking
Why? Well, the merge refers to the “merge” of the Ethereum mainnet with the beacon chain, becoming its own shard which uses PoS instead of PoW.
This also means that immediately after this occurs, transaction fees will go to validators rather than to miners
You’ve probably heard tons of things about this by now, but do you really know what it means and how deep it can go?
Let’s discuss! 🥐
From my understanding:
The “Web 3.0” aims to be the next generation of the internet based on an open network of interconnected decentralized applications
It is censorship-resistant, & there are no silos or boundaries like the internet has today
The Web 3.0 additionally has the potential to bring value to entirely new asset classes by offering platform-agnostic ownership of digital items with verifiable authenticity that everyone can agree on
Before the blockchain, this had not been possible.