The amount of Ethereum transactions that were settled during the time period between July and September of this year reached approximately the sum of 536.5 billion. This is a rise of 398% in comparison to the same timeframe in 2020. But, this isn’t the only remarkable figure that the network achieved during this third quarter.
The total transaction fees paid by users to miners have increased by 511% from year to year. This is a good thing for miners but not users of the network. The revenue generated by the project for the quarter was at $1.96 billion, as compared to only $321 million in the quarter that ended in.
According to the research, 68 percent of these costs were incinerated after EIP-1559 was implemented in August. At the time of writing, more than 710,600 ETH have been burnt, with a current market worth $3 billion. The first update of the Beacon Chain, codenamed Altair, was released at the end of last week on Ethereum.
It is also reported that the ETH emission rate also decreased by 29 percent. The report says it is that the growth of ETH supply over this time was reduced from 1.11 percent at the end of the quarter of the year 2020 to 0.79 percent during the 3rd quarter of 2021. According to the report by Ultrasound. Money, ETH rate of inflation has been set at 2.1 percent per year. It is anticipated to decrease to a level of deflation of -2% annually as the connection phase begins and the network transitions to proof-of-stake.