Analysis of Ethereum Supply and EIP1559 Burning Mechanism
Publication Time:2024-09-05 14:01:10
According to the latest data from blockchain analytics platform Etherscan, the total supply of Ethereum (ETH) currently stands at approximately 122,373,866 tokens. This total includes tokens circulating in the market and those used for Proof of Stake (PoS) staking. The PoS mechanism is a consensus algorithm designed to enhance blockchain security and efficiency. Observations show that around 2,308,375 ETH are currently being used for PoS staking, indicating a significant portion of the Ethereum tokens contributing to network security. Furthermore, with the implementation of the EIP1559 protocol, the burning mechanism of ETH has been optimized. This protocol aims to improve Ethereum's fee market by dynamically adjusting transaction fees to reduce congestion and enhance transaction efficiency. As of a specific point in time, approximately 4,367,116 ETH have been burned through the EIP1559 protocol. Not only does this reduce the number of tokens in circulation, but it also reflects the protocol's efforts towards achieving a more efficient and environmentally friendly blockchain network.
EIP1559
Ethereum supply
Proof of Stake (PoS) staking