Burning 1 million ETH since EIP-1559, Dorsey abandoned the tbDEX white paper on November 19-26
Welcome to the latest issue of Cointelegraph’s decentralized financial newsletter.
ETH is burning fast! Read on to discover the statistics behind Ethereum’s pursuit of deflation.
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$4.24 billion in ETH has been burned since the EIP-1559 incident
The blockchain analysis platform CryptoRank shared quantitative data this week, showing that more than 1 million Ether (Ethereum), worth about 4.24 billion U.S. dollars, has burn Since the implementation of Ethereum Improvement Proposal 1559 in August.
Also known as London hard fork, The event marked a major evolution in the fee structure of Ethereum, so each transaction will consume a portion of the basic fee. A simple case study of this process is the record of block 13,689,874, which cost the user 98 Gwei of gas and burned 0.68 ETH.
— CryptoRank platform (@CryptoRank_io) November 24, 2021
As shown in the figure above, OpenSea, the world’s most popular non-fungible token (NFT) market, became the largest contributor to the burning of ETH with 467 million US dollars. This number is followed closely by Ethereum transfer and Uniswap v2, which recorded USD 414 million and USD 393 million, respectively.
Despite the earthquake token supply in the past few months, Ethereum is still an inflationary asset. data From ultrasound. The platform shows that, from a historical perspective, 3.3 million ETH is consumed every year and 5.4 million ETH is issued. This balance has resulted in an annual growth of 1.8% in supply.
However, by tightening the parameters to 30 days, the data shows that the total annual ETH burning is 4.7 million, while the supply growth is significantly reduced by 0.6%. These insights all portray signs of deflationary progress in the next few years.
Square releases white paper on decentralized Bitcoin exchange
Although it advocates a decentralized model, the platform is actually very different from traditional decentralized transactions. Users need to enter “know your customer” information. Once users submit these personal data, they can use typical Web 3.0 functions to connect to wallets and trade digital assets.
The white paper regards strict regulatory requirements as one of the fundamental reasons for the adoption of untrusted infrastructure, but provides strict guarantees that the protocol will not be managed or accessed by any centralized entity except that utility tokens are not considered.
There will be a so-called “messaging protocol” instead of the trustless model, which uses software (such as public key infrastructure) to promote network trust extensively on the Internet. In view of this, the tbDEX white paper is regarded as the first iteration, and the team requires public comments and public discussions on its proposals.
“Our goal is to resist censorship, unauthorized access, and maximize liquidity competition-the ultimate goal is to commoditize it worldwide…In principle, nothing is ruled out on the tbDEX network. Anonymous transactions for financial privacy.”
Grayscale sees Yuan Festival as a $1 trillion opportunity
Crypto investment giant Grayscale Publish A bullish report this week announced The number of active Metaverse wallets increased tenfold From early 2020 to June 2021.
In addition, the researchers pointed out many factors that may promote the growth of the industry, from the increase in leisure time of the younger generation and the cultural shift in how we interact with technology, to the advancement of the community-centric Web 3.0 game earning model.
The report was co-authored by the company’s research director David Grider and research analyst Matt Maximo. It expressed the technological optimism of Metaverse World’s growth and concluded that emerging markets may expand to US$1 trillion in the next few years. And Decentraland was cited nine times to affirm this argument.
“Compared with other Web 3.0 and Web 2.0 market segments, Metaverse Virtual World users are still at an early stage, but if the current growth rate remains on the current track, this emerging market segment may become mainstream in the next few years.”
Analytical data shows that the total value of DeFi locked in has declined This week it grew by 3.2%, reaching US$154.59 billion.
Data from Cointelegraph Markets Pro And TradingView show the top 100 DeFi tokens by market value Suffer a bearish drop The last 7 days.
The Basic Attention Token (BAT) avoided market bloodshed this week, setting a 38.37% increase. Curve DAO Token (CRV) achieves health 19.7%, while Ankr posted a similar result at 16.67%.
Analysis and hot topics last week:
Thank you for reading our summary of the most influential DeFi developments this week. Join us again next Friday to gain more stories, insights and education in this dynamic space.