Ethereum Burn Surpasses 1.5 Million Ahead of Dencun Upgrade

ETH Burn Rate Accelerates

The Ethereum Dencun upgrade is on the horizon, and the network has been preparing with a surge in ETH burning. Over 50,000 ETH has been burned since the EIP-1559 upgrade, totaling over 1.5 million ETH (worth $5.6 billion).

Deflationary Network

The burn rate has outpaced ETH issuance, making the network deflationary. Despite new ETH being issued, the supply has not increased as existing ETH is being burned.

Ethereum Dencun Upgrade Approaches

The Dencun upgrade is set to launch on March 13th. It aims to improve network efficiency and capacity. The upgrade was recently tested on all testnets, indicating that the final launch is imminent.

ETH Price Soars

Leading up to the upgrade, ETH’s price has reached new highs, recently touching $3,900. Despite a slight retracement, ETH remains above $3,700.