According to Nick Tomaino (@NTmoney), Base has burned more than $20 million in ETH on the Ethereum mainnet over the past 8 months. This significant ETH burn signals increased network activity and demand for block space, which can lead to reduced circulating supply of Ethereum and potentially influence ETH price volatility. For crypto traders, tracking these large-scale burns is crucial as it may impact Ethereum’s deflationary pressure and enhance trading opportunities, especially as Layer 2 adoption accelerates (Source: Twitter/@NTmoney, May 16, 2025).

According to @cryptoquant_com, recent Ethereum upgrade proposals are expected to directly improve network efficiency and increase transaction fees, which translates into higher protocol revenue. This higher revenue will result in more ETH being burned due to EIP-1559’s fee mechanism, reducing supply pressure and potentially supporting bullish price momentum. Traders should monitor upcoming implementation dates and revenue metrics for signals, as on-chain data from Glassnode confirms a correlation between increased burn rates and upward ETH price trends (source: Glassnode, CryptoQuant).