The implementation of EIP-1559 as part of Ethereum's London hard fork in August 2021 marked a significant milestone and made Ethereum the first blockchain to burn a portion of the transaction fees. This transformative change crossed 1,000 days this month and the impact has been profound! Approximately 4.3 million ETH, valued at over $12.7 billion, have been burned as a result of network activity, significantly altering Ethereum's economic landscape. During this period, the average gas fee was 41 gwei, and if this trend persists, Ethereum's supply could decrease by 0.76% over the next year.
Figure 1 - Ethereum bruned throughout time.
Since the Merge, Ethereum has notably become deflationary, reducing the net supply by nearly 1 million ETH, equating to more than $3 billion. In the first quarter alone, the circulating supply of Ethereum decreased by 0.2%. With the ETF nye now is the time to be fully locked in and get ETH into all Suits portfolios!
Total Crypto Market Cap: $2.29T (-16.81%)
DeFi TVL: $88.54B (-13.81%)
Stablecoins: $159.44B (+6.01%)
Three years ago, in 2021, Ethereum’s lord and saviour Vitalik, proposed a new account-abstraction model, sparking a series of creative discussions that eventually led to the development of the now live **ERC-4337: *Account Abstraction Using Alt Mempool.*** The proposal marked the beginning of a lengthy and ambitious journey aimed at achieving absolute Account Abstraction (AA).
You can find SumCap’s 2023 research piece on it here → Account Abstraction - Wallets of the Future.