By Kenny S - Cryptocurrency Speculator - 27-07-2021
As the price to buy Ethereum (ETH) continues to climb, transaction and gas fees on the network see a corresponding increase.
After Ethereum's London hard fork initiated its release, the circulating supply of the ETH coin experienced high volatility, particularly in its burn rates and gas prices. The Ethereum NFT standard for many is also a contributing factor for this increased activity.
The burning rate resulted in over 800 deflationary blocks being produced. The much-anticipated London hard fork is on its way to creating a name for itself. According to the community, the network transaction price has increased just a few days after its inception. Nonetheless, the supply has seen an outage due to the fee burn rate.
On social media platform Twitter, the ETH Burn Bot account sends out regular tweets regarding hourly updates on the number of ETH burned. It documents the project that uses EIP – 1559 for burning. The EIP - 1559 allows users to view and track the total amount of ETH being consumed.
While there remains some uncertainty with Ethereum's network deflation, the bot tweets provide users with added clarity to determine how much ETH is being burned over time. The automated updates also give users a clearer image of the deflation rate. Due to lessened incentives for ETH hodlers under this new plan within the network, the platform has made it crucial to keep its customers updated on any development regularly.