More ether was burnt than created this Friday, September 3rd. This is the first time that the daily net emission has been negative on the Ethereum network. This negative emission is the result of the network overhaul that took effect in early August, which "burns" or destroys part of the fees that users pay to have their transactions verified and validated. Data from The Block's ether dashboard showed the emission was -334 on Friday, after 13,840 ethers were burned while 13,506 were being created. On Monday, an ether was worth $ 3,940.
Stan Kladko, co-founder of Ethereum development company Skale Labs, told Insider that a renewed interest in non-fungible tokens, the infamous NFTs, is causing record amounts of ether to burn. The strong interest in NFTs - which largely run on the Ethereum blockchain - has increased activity and transaction costs on the network, said Stan Kladko.
Stan Kladko, co-founder of Ethereum development company Skale Labs, told Insider that a renewed interest in non-fungible tokens, the infamous NFTs, is causing record amounts of ether to burn. The strong interest in NFTs - which largely run on the Ethereum blockchain - has increased activity and transaction costs on the network, said Stan Kladko.