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Over 700,000 ETH burned; Merge may take Ethereum ‘toward deflation’
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Ethereum 2.0 Altair Beacon Chain update had a successful start, with 98.7% of the nodes upgraded at the time. This marked an important step towards the Merge, the transition to a proof-of-stake consensus mechanism.
Since July, Ethereum also underwent important upgrades, such as the London hard fork. This update incorporated a deflationary burning mechanism to the asset as part of the network’s fee structure.
Fast forward to now, ETH and its burning mechanism have come a long way amidst the latest
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