Ether Lost Due to Bugs and User Errors May Have Increased 44% Since March 2023, Report Suggests
Main Idea
Ether lost due to bugs and user errors has increased by 44% since March 2023, with over 913,000 ETH now inaccessible, impacting Ethereum’s circulating supply and market dynamics.
Key Points
1. Ether lost to bugs and user errors has risen from 636,000 ETH in March 2023 to over 913,000 ETH, a 44% increase.
2. Notable incidents contributing to lost ETH include the Parity Multisig bug (306,000 ETH), Quadriga’s faulty contract (60,000 ETH), and the Akutars NFT minting error (11,500 ETH).
3. EIP-1559, implemented in August 2021, has burned approximately 5.3 million ETH, significantly affecting Ethereum’s net supply.
4. The Merge in September 2022 reduced new ETH issuance by about 90%, transitioning Ethereum to proof-of-stake and further constraining supply.
5. Lost ETH and deflationary mechanisms like EIP-1559 create a complex supply landscape, reducing circulating supply but also posing challenges for the ecosystem.
Description
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