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ETH is outperforming BTC. ETH Merged from PoW to PoS in Sept 2022, and decimated the entire GPU mining industry, cutting obscene power usage down to just runni
by latchkey 3y ago
ETH is outperforming BTC.
ETH Merged from PoW to PoS in Sept 2022, and decimated the entire GPU mining industry, cutting obscene power usage down to just running some servers. Sure, there is a small amount of shitcoin PoW mining still, but overall it was a massive change across the board.
Combine that with the transactional burn introduced into EIP-1559, supply is going down because the network isn't having to pay as much for security.
Then, we have EigenLayer, which is taking staked ETH and restaking it to provide an additional layer of security to layer 2 networks. Now, you're just locking up even more ETH. 3m ($12b) are locked into that one alone. Vicious cycle.
ETH is about to have a network upgrade, the first since the Merge, that helps lay the groundwork for scaling.
These factors are all contributing to the growth as new money rolls back into DeFi.
https://ultrasound.money/ https://ultrasound.money/
https://decrypt.co/119687/4-6-billion-ethereum-flames-since-eip-1559 https://decrypt.co/119687/4-6-billion-ethereum-flames-since-...