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Status check: Ethereum in full deflation mode as Eth2 merge gets closer
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cointelegraph.comThe Ethereum community has been hard at work over the past few years, laying the foundation for its shift away from its current proof-of-work (PoW) algorithm which has formed the backbone of the blockchain’s operation up until today.
Ethereum’s switch to its proof-of-stake- (PoS-) powered Ethereum 2.0 chain is edging closer to reality, with recent updates to its blockchain resulting in the issuance of Ether (ETH) becoming deflationary.
Recent upgrades have resulted in deflationary issuance of ETH, where the burning of a portion of transaction fees has surpassed the issuance of new ETH through mining. Some in the industry didn’t expect this to happen before the network upgrades to Ethereum 2 (Eth2). It’s an important factor that is envisaged
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