Ethereum's 'Burning' Desire Fizzles as Layer-2s Steal Its Thunder
Key Points
- Ethereum's burning rate has plummeted, with a mere 53.07 ETH...
Looks like Ethereum's burning mechanism just got a cold shower! The second-largest cryptocurrency briefly touched $2,100 today, but underneath that sparkly price tag lies a network that's about as active as a sloth on vacation.
The Burning Platform That Isn't
Remember when Ethereum was supposed to be deflationary? Well, that flame has turned into more of a birthday candle. On March 23, the network burned a measly 53.07 ETH - the lowest since implementing EIP-1559. Instead of torching tokens like a crypto campfire, Ethereum is now inflating at 0.76% annually. Talk about a wet blanket!
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