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MLB Team Washington Nationals Partners With Terra Blockchain Community, Ballpark Plans to Accept UST

On February 9, the American professional baseball team based in Washington, D.C., the Washington Nationals, announced the team has partnered with Terra, the open-source blockchain platform and decentralized autonomous organization (DAO). The Washington Nationals detail that the team is a “leading innovator” and is “consistently introducing new technologies to enhance the fan experience.” Washington Nationals Ink Long-Term Deal With Terra Major League Baseball (MLB) team the Washington Nationals has partnered with the blockchain platform and DAO Terra, according to an announcement published by the team on Wednesday. The deal with Terra follows a slew of sports-related deals with crypto firms, but the MLB team will be the first to partner with an open-source blockchain project. In addition to the partnership, the algorithmic stablecoin UST that’s issued on the Terra blockchain will be “accepted as a payment method at Nationals Park as early as next season.” “The Nationals continue t...
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One million ETH worth have been burned since the implementation of EIP-1559 in August

On a net basis, however, the supply of Ether is still inflating at about 1.2% per year.

In a Twitter post published Wednesday, blockchain research firm CryptoRank revealed that over 1 million Ether (ETH) worth $4.24 billion had been burned since the introduction of the EIP-1559 protocol in August as part of the London hard fork. The EIP-1559 protocol reformed the Ethereum fee market, modifying the limit for gas fees and introducing a burn feature that takes a portion of transaction fees on the blockchain out of circulation, to be canceled permanently.

Notable decentralized applications responsible for token burn contributions include popular nonfungible tokens, or NFTs, platform OpenSea.io and play-to-earn NFTs game Axie Infinity. Next, transaction volume from decentralized exchanges such as Uniswap, 1inch, and Sushiswap made up a large portion of ETH burns. ETH is also burned from transfers from stablecoins like Tether (USDT) and USD Coin (USDC) built on the Ethereum blockchain. Lastly, wallet users in MetaMask and those making regular ETH transactions also contributed to most of network activity.

According to data from Ultra Sound Money, 7.67 ETH is burned every minute, and up to 11,042 ETH is burned each day. At current rates, approximately 4 million ETH is burned every year. However, the blockchain currently emits about 5.4 million ETH per year. Therefore, the Ethereum network is still inflationary on a net basis.

That's all about to change next year as the Ethereum 2.0 upgrade goes live sometime next year, transitioning the network from a proof-of-work consensus to that of proof-of-stake, where staking rewards will be far lower than mining rewards. As a result, it would lower the blockchain's emission rate far below its burn rate, thereby creating a deflationary ecosystem. Ultra Sound Money projects the peak supply of ETH will hit 119.7 million in early 2022 before going on the decline.

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