73,000 ETH Burned And Ethereum Staking More Popular

0

Last Updated on 22 August 2021 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
View all posts

Ethereum’s price has risen significantly between July and August. Most of the growth has been attributed to the staking of Ether and the recent Ether burning, following the London Hard Fork. Currently, over $23 billion worth of Ethereum (7,095,745 ETH) is staked on the platform. At the same time, approximately 73,800 ETH worth about $230 million have been burned since the London Upgrade.

The London Upgrade was designed specifically to reduce the number of ETH in circulation. This will in turn lead to an increase in the value of every ETH in circulation. Staking Ethereum is another strategy that increases the use of ETH. The price of the asset may have therefore increased due to a combination of these factors.

Advertentie.

More stakers join Ethereum

One of the ideas behind Ethereum 2.0 is that instead of mining ETH which consumes considerable amounts of energy, ETH holders can just stake and earn. This is a method of securing the network through validators who stake ETH. The number of staked ETH has been on the increase and more validators are joining the platform.

Almost 6,000 validators joined the network in the last week. This brings the total number to 214,586 validators. The rewards given to the validators serve as incentive for more to join the platform. The increasing number of validators will also further secure the network, making it more reliable for developers and other users.

Ethereum has so far gained over 75% since the low of $1800 in July to reach the current price of $3,250. How far the price will go by the end of the year remains to be seen, but it is one of the biggest gainers so far in 2021.

artjazz / Depositphotos.com