August 2021, the Ethereum network and its participants successfully completed the highly anticipated London upgrade, which implemented the Ethereum Improvement Proposal (EIP) -1559. Since then, more than $ 1 billion worth of 303,681 ethers have been burned.
More than 300K ethers burned according to EIP-1559
More than a billion dollars worth of Ethereum (ETH) has been burned to date after the London upgrade was carried out 42 days ago. The biggest changes added to the Ethereum blockchain included EIP-1559 and EIP-3554. While EIP-3554 changed the difficulty bomb, EIP-1559 changed Ethereum’s fee rate to a new scheme that makes the crypto-asset Ether deflationary.
Essentially, the fees are standardized and calculated based on network demand, as a transaction pricing mechanism introduces a basic fee for every block found on the network. The rest of the fees will be burned and Ethereum proponents believe this will significantly reduce the overall supply of Ethereum. To date, September 16, 2021, the Ethereum network has burned 303,681 ethers valued at over $ 1 billion at Thursday’s ether exchange rates.
Opensea still the largest burner, stablecoin transfers are added to the burning stack
The biggest burners on the network are people who transfer ether from one address to another, as well as decentralized applications (dapps) and decentralized financial platforms (defi). The largest ether burner today is the non-fungible token (NFT) marketplace Opensea, as statistics from Dune Analytics show that the market today burned 42,991 ethers worth $ 146.1 million. Opensea is followed by traditional ether transfers, which have added 25,514 ethers to the firing stack.
Uniswap V2 and the stablecoin project Tether (USDT) take third and fourth place among the top ether burners. To date, the second version of the Uniswap decentralized exchange (Dex) has burned 16,665 ethers worth $ 55.8,000. Tether’s stablecoin USDT added 15,015 ethers to the burning pile as it was responsible for burning $ 51 million. Other top burners are Axie Infinity, Uniswap V3, Metamask, the USDC stablecoin project, and Opensea’s registry.
What do you think of the 303,681 ethers burned, valued at over $ 1 billion? Let us know what you think on this matter in the comments below.
Tags in this story
300K Burned, Blockchain, Burn Rate, Deflationary, EIP-1559, ETH, ETH Fees, ETH Markets, ETH Transfers, Ether, Ethereum, Ethereum (ETH), Fee Burn, Fees, Fees Spike, Hard Fork, London, London Fork, London Upgrade, Opensea, Rule Rate Change, Stablecoins, Tether, Uniswap, USDC, USDT
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source https://www.bisayanews.com/2021/09/17/network-participants-burn-over-300000-ether-worth-more-than-1-billion-technology-bitcoin-news/
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