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CME Group Bitcoin Ethereum

Developer Thinks The Ethereum “Ultrasound Money” Narrative Exaggerated: Is It?

Dalmas Ngetich
by Dalmas Ngetich
1 year ago
·
Posted in Ethereum
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The term “ultrasound money” has been thrown around quite a bit in the Ethereum (ETH) community, often describing the network’s potential to become a deflationary asset with better tokenomics than Bitcoin (BTC). While some proponents believe this narrative is well-founded, others argue it is overstated and based on overly optimistic assumptions.

Is The Ethereum “Ultrasound Money” Narrative Exaggerated?

In a post on X, antiprosynthesis.eth, a developer, challenged the “ultrasound money” narrative, arguing that it is often accompanied by jargon that may conceal the reality of Ethereum’s monetary policy. Specifically, the analyst believes the narrative is a bit “overboard” and loaded with “a bunch of pseudo-scientific hocus pocus” that might mislead ordinary users.

Ethereum versus Bitcoin issuance rate | Source: antiprosynthesis.eth via X
Ethereum versus Bitcoin issuance rate | Source: antiprosynthesis.eth via X

Adopting a neutral view, antiprosynthesis.eth, Ethereum’s monetary policy is, most importantly, designed to be sustainable without the dangerous pitfalls of hyperinflation or excessive deflation. The developer argues that striking a balance in token emissions is critical. 

Related Reading: Fake Spot Bitcoin ETF Approval: US Senators Demand Answers From SEC

In Ethereum’s case, this is achieved by burning a portion of gas fees. Following the activation of EIP-1559 in 2021, the first smart contracts platform changed its bidding system, creating a system where the network sets a base fee with the allowance for a user to “tip” the validator. The base fee is burnt, helping the network become deflationary–or, as researchers argue, sustainable.

Ethereum price trending upward on the daily chart | Source: ETHUSDT on Binance, TradingView
Ethereum price trending upward on the daily chart | Source: ETHUSDT on Binance, TradingView

In Bitcoin’s case, the network will continue to issue new coins to miners until all the 21 million BTC are distributed. This will be more than a decade from now. To achieve this, the Bitcoin protocol has been halving mining rewards. In the early years of Bitcoin, miners received 50 BTC whenever they confirmed a block of transactions. However, after the network halves in April, miner rewards per block will fall to 3.125 BTC.

The Road To Sustainability, Ethereum’s Issuance Rate Continues To Fall

Comparing the two approaches, the Ethereum developer notes that each system has its mechanism of ensuring its tokenomics are sustainable. The analyst adds that the “ultrasound money” narrative championed by supporters may be exaggerated and, to some degree, an overly optimistic assessment of ETH’s ability to be deflationary.

Related Reading: Shiba Inu Whale Transactions Spike 1300% In 24 Hours, What’s Going On?

As of January 10, Ethereum has destroyed over 3.9 million ETH since the implementation of EIP-1559 based on the Ultra Sound Money data. During this time, the network issued more than 6.9 million.

ETH burning | Source: Ultrasound Money
ETH burning | Source: Ultrasound Money

This confirms that Ethereum has been burning more ETH recently; it remains inflationary, to a smaller degree, like Bitcoin. Still, unlike Bitcoin, Ethereum’s issuance rate has been dropping steadily due to increased token burning.

Feature image from Canva, chart from TradingView
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Dalmas Ngetich

Dalmas Ngetich

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Dalmas is an experienced journalist with over a decade in Forex, general finance, technology, and blockchain developments. He is currently a crypto reporter for Bitcoinist, where he covers DeFi, blockchain, DeFi, and latest industry news. His work and that of his partners have been featured in top news outlets, including Forbes, investing.com, CoinTelegraph, and Entrepreneur, among others. He is passionate about technology and politics and is always on the lookout for the latest trends in these fields. He also loves spending time with his family and friends, exploring nature, and traveling to new places. Connect on X: @Dalmas_Ngetich, or message him directly on Telegram here: @Dalmas_Ngetich.

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