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11.11 - 20:27
Ethereum sees first consecutive week of deflationary issuance
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The Ethereum network has seen its first consecutive week of negative supply issuance as bubbling markets drive persistently high transaction fees.
With the highly anticipated London upgrade introducing a burn mechanism into Ethereum's fee market in early August, a small quantity of Ether has since been destroyed with every transaction executed on the network.
With gas prices sustaining at high levels, Ethereum has seen seven consecutive days of deflationary issuance for the network, meaning that more ETH has been removed from supply than created through mining.In order for Ethereum to consistently produce deflationary blocks, gas prices must consistently remain roughly above 150 gwei.
EthHub co-founder Anthony Sassano commented that
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