In the past 21 months following Ethereum’s London hard fork, the network has witnessed the destruction of over 3.33 million ether, valued at $6.1 billion. At present, roughly 3.51 ether is burned every single minute. Standing out as a prominent participant in the burn process since August 5, 2021, just below conventional ETH transfers, is the Opensea platform, which has contributed to the burning…

There was a notable increase in the number of ETH burned, but miner revenue declined. Ethereum’s development activity prevailed in highs as Shanghai upgrade draws near. The EIP-1559 proposal was approved as a solution to congestion of the Ethereum [ETH] network. Reportedly, the proposal will also help the blockchain with token deflation. The activity somewhat […]

Total 400 Million $ ETH Burned By Ethereum EIP-1559 Upgrade

Just over $400 million in ETH has now been burned by a network upgrade that destroys transaction fees instead of handing them to miners. About 200 ETH ($643,000) is being burned per hour. The milestone was passed at about 10am UTC on Sunday, when 124,865 ETH had been taken out of circulation by the Ethereum  The update that burns the ETH, EIP-1559, came into force on August 5. It sought to…