Ether is now widely acknowledged as a legitimate form of money. The main reason for this is that the largest market cap smart contract platform has reached the long-awaited milestone of zero net issuance after the merger and just days before the network repositions to proof-of-stake consensus.
After extensive research and analysis, it was determined that the merger was to blame for the drastic cutback in Ether issuance, which was estimated to be around 99%.
This occurrence took place primarily because of the giving away of the block rewards that were duly offered to all of the miners. Instead, stake rewards were being offered to the validators involved in the staking of ETH. This, in turn, was responsible for the ultimate decrease in the energy utilization of the blockchain by a huge amount of 99%.
Bitcoin was given the name of “ultra-sound money” in the context of the entire virtual world and its virtual currency. Now, according to the current scenario, the name associated with Ether is ultra-sound money. The primary reason for this is the wider perspective and belief that Ether is gradually becoming a deflationary asset as its overall supply continues to fall.
As a result of the EIP-1559 upgrade’s fee-burning mechanism, the Ethereum community has taken the meme to its logical conclusion, coining the term “ultra-sound money” to represent Ethereum’s potential to become a deflationary asset, in which the overall quantity lowers over time.