The supply of the second-largest crypto asset Ethereum (ETH) is deflating, thanks to the success of a major upgrade known as EIP-1559.
New numbers from Ultrasound.Money show 50,317 ETH worth $77.5 million has burned since the upgrade went into effect in August of last year.
The overall supply of ETH began to reverse in January, and has remained locked in a steep dive ever since.
Ethereum’s next big upgrade, known as the Shanghai upgrade, was recently delayed.
The upgrade will release about $25 billion worth of ETH that has been locked in early staking contracts.
Developers were pushing to launch Shanghai this month, but recently announced a delay until April at the earliest.
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