- Ethereum network sees short spikes in gas fees.
- ETH burn rates have led to massive production in deflationary blocks.
- The price of ETH is presently bullish.
Following the launch of Ethereum’s London hard fork, the supply of ETH went on a short fritz. To be specific, high burn rates have led to a short spike in gas fees. This move has led to the production of around 800 deflationary blocks.
The much-anticipated London hard fork is already making its mark. Just a few days after its launch, the community is witnessing a spike in the network transaction fee. This, however, only lasted for a couple of hours. Still, the fee burn rate has led to a deflationary supply.
On average, the ETH Burn Bot tweets about the number of ETH burned. It records the burning initiative that went...