Skip to main content

Ethereum After 1559: Network Nears 2 Million ETH Burned Worth Over $6.9 Billion

Approximately 205 days ago, the Ethereum network upgraded via the London hard fork which implemented the packaged Ethereum Improvement Proposal (EIP) 1559. Since then, the EIP-1559 upgrade made it so a fraction of gas is destroyed during the transaction process and to date, 1,915,220 ether has been burned worth over $6.9 billion using today’s exchange rates.

Ethereum Burn Rate Inches Closer to 2 Million Burned, 3.57 Ether Is Burned Every Minute

The Ethereum (ETH) network has burned approximately 1,915,220 ethereum and the metric is nearing the two million mark. Since the EIP-1559 improvement was added on August 5, 2021, the community has been observing how much ether is being burned on a daily basis. At the time of writing, the 24-hour burn rate is 3.57 ether per minute or around $9,809.16 every 60 seconds.

EIP-1559 essentially changes the algorithm tethered to the base fee per gas in the protocol and it burns the base fee per gas. Ethereum advocates have been fans of the idea because it makes ethereum (ETH) deflationary over time. When the London hard fork was implemented, Ethereum co-founder Vitalik Buterin told Bloomberg that EIP-1559 was the most important part of London.

“Now it gets much easier to send a transaction that will get included in the next block and that’s very important to user experience,” Buterin explained at the time.

Gas Fees Remain Dynamic, Opensea the Largest Ether Burning Entity

Weeks after the London upgrade, EIP-1559 did not seem to affect the high gas fees users dealt with while trying to send on-chain (layer one) transactions. In fact, the very next month after the London upgrade, ETH’s average gas fees skyrocketed to $59 per transaction. The average gas fee to push an ethereum (ETH) transfer today is much lower, at 0.006 ETH ($16.61) per transaction or 31.3 gwei.

Meanwhile, as the network has destroyed $6.9 billion in ether via EIP-1559, the biggest on-chain gas burner is the non-fungible token (NFT) marketplace Opensea. At the time of writing, the leading NFT market has burned approximately 229,916 ether worth $790,499,348 across 14,635,232 ETH transfers.

Ordinary ethereum transactions make up the second-largest gas-burning entity with 178,166 ether destroyed to date. Large ETH-burning entities following Opensea and ordinary ethereum transfers include protocols and platforms like Uniswap v2, Tether (USDT), Swaprouter 2, Uniswap v3, and Metamask.

What do you think about the Ethereum network steadily approaching 2 million ether burned? Let us know what you think about this subject in the comments section below.



from Bitcoin News https://ift.tt/hErSilm
Labels:

Comments

Post a Comment

Popular posts from this blog

Deep Web Roundup: Dream Adds Monero and Bitcoin Tumbler “Chip Mixer” Launches

The darknet has been quiet of late, which is the way it’s meant to be. No news means no mega busts, honeypots, or mass market shutdowns. Even when it’s out of the spotlight though, the deep web is quietly making news, whether trialling the latest privacy coins or the newest coin mixers that promise to restore a little of the privacy that’s being stripped away from bitcoin users on a daily basis. Also read: U.S. Agency ICE Conducts Investigations That Exploit Blockchain Activity The Battle for Privacy Heats Up Privacy is all relative, but of late there’s been relatively little privacy to be enjoyed by bitcoin users. Blockchain monitoring software is becoming more sophisticated and more common, with U.S. law enforcement agencies using it to profile and hunt down deep web users. Chip Mixer is a relatively new bitcoin tumbler that’s designed to restore some of that privacy. Available on both the clearnet and darknet, the service uses a variety of techniques to obfuscate blockchain m
10 comments
Read more

International Crypto Exchange Luno Adds Bitcoin Cash Trading

Luno exchange has added bitcoin cash trading to the platform following feedback from its client base. BCH is now only the third cryptocurrency available for trading on the exchange, in addition to BTC and ETH , but more options could be on the way once Luno determines that they are credible enough. Also Read: Bitflyer Adds Bitcoin Cash Trading Across Europe and the US Luno Adds Bitcoin Cash Trading Luno, the London-headquartered company formerly known as Bitx, recently announced that bitcoin cash was made available on its cryptocurrency exchange. Starting from Monday, September 23, customers at Luno are now able to store, buy and sell BCH on the platform. The reason given for adding BCH to the exchange is feedback from users in developing markets that convinced Luno to expand their offering from previously just BTC and ETH . Marcus Swanepoel, CEO of Luno, said , “We are in a new and exciting financial era. Developing economies are leading the large-scale adoption and appli
Post a Comment
Read more

Ombudsman Receives Complaints About Crypto Investments in Spain

The Spanish ombudsman has been receiving complaints about cryptocurrency and how some Spanish citizens investing in these vehicles have lost everything. In his annual report, Angel Gabilondo recognized the rise of cryptocurrencies as a new problem due to the little or no regulation crypto sees in the country. In the same way, the EU has also warned about these assets recently. Spanish Ombudsman Gives His Take on Crypto Angel Gabilondo, the Spanish ombudsman, has given his take regarding cryptocurrencies and the effects they have on citizens investing in some of these projects. Gabilondo said in his yearly report that cryptocurrencies have become “a new problem” during the year examined, with many people having lost all of their funds invested. The report states : Cryptocurrency exchange companies or platforms are not regulated in the legal system, are not subject to any public supervision system, nor do they benefit from deposit guarantee systems. The affected users that sought
Post a Comment
Read more