It has been a long time since we talked about the latest news about Ethereum. This morning, let us review the recent situation of Ethereum (ETH).
Ethereum (ETH) latest news:
Currently, the increase of Ethereum (ETH) in 24 hours is -3.18%, the 24-hour trading volume is 3.4553 million, and the 24-hour trading amount is 39.038 billion.
So what is Ethereum (ETH) and why is there a sudden increase in supply?
Ethereum (ETH) is an open source public blockchain platform with smart contract functions. It provides a decentralized Ethereum Virtual Machine (Ethereum Virtual Machine) to process peer-to-peer contracts through a dedicated cryptocurrency Ether (ETH).
Remember the exciting moment last September? Ethereum completed the merger, switching from proof of work (POW) to proof of stake (POS), reducing the overall issuance by 90%, and those who firmly believed that Ethereum (ETH) would continue to appreciate cheered.
But one year later, the market data of Ethereum (ETH) makes it difficult for us to be happy. The data shows that in the past 30 days alone, the global ETH supply has increased by 30,000 ETH, about $47.9 million. Needless to say, this data is not good news.
The main reason behind this amazing growth is that the traffic on the Ethereum network has also decreased significantly recently, NFTs have decreased, and DeFi activities have become inactive. If this situation continues, it may pour cold water on those who hope that ETH will become a currency.
But do you know? While most people are nervously watching the trend of blockchain, the team of builders behind Ethereum doesn’t care. Their thinking seems to be: “It’s nothing!” Haha, this is probably the so-called God’s perspective!
Micah Zoltu, a core developer of Ethereum, said that he believes no core developer will worry about this issue because "from a macro perspective, it is actually insignificant." Indeed, from a macro perspective, many things will become insignificant. Let us look at the world from a different perspective!
Another core developer, Danno Ferrin, holds a similar view. He believes that Ethereum does not need to worry too much recently because "the current ETH supply is still below its all-time high, and ETH's short-term situation is much lower than other chains and the entire economy."
In the long run, compared with the last round, due to the development of the ecosystem, the exchange rate between Ethereum and Bitcoin is on the rise, from 0.01 to above 0.05. However, judging from the situation in the past year, Ethereum seems to be in a weak position, and its exchange rate with Bitcoin is showing a downward trend.
In short, blockchain may be worthy of our attention, but the Ethereum core development team from a bird's eye view does not seem to think so. This may be a unique phenomenon in the blockchain world, worthy of our exploration and thinking.
Okay, that’s all for this issue. See you next time~
In the crypto industry, if you want to seize the next bull market opportunity, you need to have a high-quality circle so that everyone can keep each other warm and maintain insight. If you are alone, looking around and finding no one, it is actually very difficult to persist in this industry. Thanks for watching~
