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"Ethereum hit an all-time high on 10/29/21 when it briefly touched $4,453 and reached a market capitalization of $500B+. Ethereum has had increased usage over the past few months with increased adoption, launch of NFTs and increased activity on DeFi protocols (TVL has surpassed $150B+). It remains as the main landing pad for many crypto enthusiasts, builders and newbies, along with the support of bridges to most other chains.
What does this all mean? Increased adoption and utilization leading to high gas fees and record burning. The last two days suggest that more than 30,000 ETH has been burned – and led to negative net issuance in ETH (more ETH is being burned than mined = deflationary).
The burning dynamics highlight that enough demand can lead to a deflationary Ethereum even without ETH 2.0 which is slated for some time in 2022 – but also due to increased gas prices which make many low value transactions difficult. Nonetheless, this is bullish for ETH longer term, especially since there are many L2 projects focused on scaling ETH.
Some of the recent gas spikes can be attributed to the resurgence of memes, especially the Shiba wars between Shiba Inu and Doge."
-Harsharn Singh, Investment Associate @ Ember Fund
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