Ethereum Circulation Nears Buterin’s Proposed Cap Amid Market Optimism
Ethereum Co-founder Vitalik Buterin’s Vision Becomes Reality
Five years ago, Vitalik Buterin, co-founder of Ethereum, proposed to cap the maximum number of Ethereum (ETH) at 120,204,432. This proposal was rejected at the time. Today, 120,203,611 ETH are in circulation, which means that Buterin’s vision has indeed become reality.
Buterin’s Dream Comes True
Buterin’s proposal to limit the maximum ETH amount was rejected in April 2018. At that time, he could not have foreseen that his goals would be achieved in a different way. Unlike Bitcoin (BTC), there is no limit to the issuance of ETH. Buterin’s desire to limit the number of ETH stemmed from concerns about centralization in the then Proof-of-Work (PoW) mechanism and the desire to improve the long-term market prospects of the coin.
Ethereum’s Development Since Buterin’s Proposal
Three years after Buterin’s rejected proposal, Ethereum implemented EIP-1559 as part of the London Hardfork. This included burning a portion of the gas fees paid to miners, thereby removing coins from circulation. A year later, the Merge was carried out, marking a switch from the PoW to the Proof-of-Stake (PoS) model. This significant event exerted considerable deflationary pressure on ETH.
ETH Quantity Continues to Decrease
Since the Merge, more than 307,000 ETH have been removed from circulation, resulting in an annual shrinkage of the net supply by 0.211%. The amount in circulation is expected to drop to 117 million by the end of December 2025.
ETH Remains Strong
At the time of writing, ETH remains strong above $2,200, according to data from CoinMarketCap. Although profit-taking by weak hands has pushed the cryptocurrency down by more than 3% in the past week, the overall sentiment is still leaning towards buying. This could maintain the momentum in the coming days.
Conclusion
Buterin’s vision to limit the maximum number of ETH was initially rejected, but it has nevertheless prevailed. This shows that developments in the cryptocurrency industry are often unpredictable and that long-term visions can sometimes become reality in unexpected ways.
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