On August 5, Ethereum received a network hard fork update that improved the optimistic prognosis for the cryptocurrency.
The EIP-1559 improvement protocol was created as part of the London hard fork, which started the burning of a portion of the Ethereum network charge, known as the base fee.
According to WatchTheBurn, a website that tracks the transaction fee burning process, the network has burned over 1 million ETH since the London upgrade that included the fee burning mechanism. The overall worth of the total ETH burned so far is currently above $4.2 billion, based on the current price of ether.
Ethereum is also transitioning from proof-of-work (PoW) to proof-of-stake consensus (PoS). As a result, it has introduced a staking pool in which users can receive rewards and build their ETH holdings by locking 32 ETH in the official PoS smart contract for a set length of time.
While Ether supply is decreasing, the top ten non-exchange Ethereum addresses are expanding, while the top ten exchange addresses are diminishing. According to on-chain metrics publisher Santiment, the top 10 non-exchange vs exchange whale addresses currently have a record 5.16x the value of ETH.
Despite the cryptocurrency having yet to have a bull run, Whales have raised their holdings, signalling the network’s general bullish outlook. The price of ETH is anticipated to soar soon as long as the bull cycle continues.