What currency is Ethereum (ETH)? Detailed introduction to the online trading platform and total amount of Ethereum (ETH)

Ethereum's native cryptocurrency, Ether (ETH), serves as the currency for executing transactions, deploying smart contracts, and participating in decentralized finance (DeFi) activities within the Ethereum ecosystem.

Oct 05, 2024 at 10:06 pm

What is the Currency of Ethereum (ETH)?

1. Definition of Ethereum (ETH)
Ethereum is a decentralized blockchain platform that enables smart contracts and decentralized applications (dApps) to be built and run without the need for intermediaries. The native cryptocurrency of Ethereum is called Ether, represented by the symbol ETH.

2. Role of Ether (ETH)
Ether serves as the currency and unit of account within the Ethereum ecosystem. It is used for:

• Transaction Fees: Gas fees are paid in ETH for executing transactions on the Ethereum network.
• Smart Contract Execution: Deploying and using smart contracts on Ethereum requires ETH payments.
• Decentralized Finance (DeFi): ETH is used as collateral, liquidity provision, and a medium of exchange within DeFi applications.
• Non-Fungible Tokens (NFTs): ETH is typically used for purchasing and selling NFTs.

3. Online Trading Platforms for Ethereum (ETH)

Ethereum can be traded on various online platforms, including:

• Centralized Exchanges: Coinbase, Binance, Kraken
• Decentralized Exchanges (DEXs): Uniswap, Sushiswap, PancakeSwap
• Peer-to-Peer Marketplaces: LocalBitcoins, Paxful

4. Total Amount of Ethereum (ETH)

As of today, March 8, 2023, the total supply of Ethereum is approximately 122,373,869 ETH.

5. Inflation Rate of Ethereum (ETH)

Ethereum has an annual inflation rate, which is currently around 3.4%. This inflation is designed to reward validators who secure and maintain the Ethereum network.