At press time, 98.7% of the nodes were upgraded. This crucial update will steer the Ethereum network towards a proof.
Altair Beacon Chain Update for Ethereum 2.0 has begun successfully, and it is expected to kickstart the wildest ETH rally ever.
Ethereum 2.0 Altair Beacon Chain update has started successfully. At press time, 98.7% of the nodes were upgraded. This crucial update will steer the Ethereum network towards a proof of stake (PoS) consensus mechanism transition, known as the Merge.
Altair Beacon Chain update is the second important update that the Ethereum network has experienced in recent months. The last successful update was the London hard fork in July 2021. The ongoing update is bringing in a deflationary burning mechanism to Ether as part of the fee structure of the Ethereum network.
Reports say that in the last 24 hours, 10.06 ETH worth US $42,895 was burned every minute. At the time of writing, around 701,630 ETH were burned. An ETH supply-tracking site, Ultrasound.money, has inferred that OpenSea (a leading NFT marketplace) has burned the maximum number of ETH. At press time, OpenSea has burned 91,172 ETH, which amounts to more than US$398 million.
Other platforms that have torched the maximum number of Ether tokens are ETH transfers (65,388.77 ETH), Uniswap V2 Router 2 (51,331.45 ETH), Tether USDT Stablecoin (35,353.86 ETH), and so on. The main use cases of Ethereum currently are Ergo, NFT, and DeFi.
Chinese journalist Wu Blockchain has tweeted:
"According to oklink, the amount of ETH burned on October 31st reached 697,591, which is more than 3 billion U.S. dollars, and is currently 3.051b."
A report has said:
"Ethereum’s current burn rate is around 5 ETH/min, and the average burning value of a single block remains above 1.1 ETH. The annual new supply of Ethereum is 5 million, which means that at the current burn rate, more than 50% of the new supply is burned. If ETH1.0 and ETH2.0 are successfully merged, Ethereum may move toward deflation. "
Experts and analysts are of the opinion that the ETH price will witness a wild rally in the coming days. @Pentosh1 Twitter handle has said:
On the verge of price discovery
The next leg up should be one of the wildest yet
Looks great vs $BTC as well. "