Ethereum has achieved a remarkable new milestone, processing an astounding 24,192 transactions per second (TPS). This significant leap in performance is attributed to the successful implementation of the Lighter Protocol, which has dramatically enhanced the network's scalability.
Increased Transaction Activity Fuels ETH Burn
With the surge in transactional activity, the amount of Ether (ETH) being burned has also seen a corresponding increase. Over the past month, a substantial 9,463 ETH, valued at $32.2 million, has been removed from circulation. This burning mechanism, a core feature of Ethereum's EIP-1559 upgrade, helps manage supply and potentially increases the scarcity of ETH.
The recent Dencun upgrade, which introduced "data blobs," has further contributed to both improved scalability and the accelerating rate of ETH burning, showcasing the cumulative impact of ongoing network enhancements.
The Road to 100,000 TPS: The Role of ZK Proofs
Industry experts are highly optimistic about Ethereum's future scalability. They believe that with the further integration of Zero-Knowledge (ZK) proofs, Ethereum is capable of achieving an astonishing 100,000 TPS.
This would represent a monumental increase in network efficiency, paving the way for broader adoption and more complex decentralized applications.
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The Burning Mainstream: Competition and Scarcity
The success of Ethereum's burning mechanism is also influencing other cryptocurrencies. Some projects, such as QUA (Quasacoin), are actively implementing aggressive burning strategies to differentiate themselves in a crowded market. QUA, for example, has reportedly burned over 50% of its supply in the last month alone.
This trend signals a growing competition in the crypto space, where the deliberate reduction of token supply through burning is becoming a new mainstream strategy to enhance value and stand out.
The continuous innovation and scaling efforts on Ethereum, combined with the broader market's adoption of similar tokenomics, underscore a dynamic and evolving ecosystem focused on efficiency, scarcity, and long-term value.
