Ethereum has burned more than a million ETHs in the last 3 months – Bitcoin News Technology

Ethereum has burned more than a million ETHs in the last 3 months – Bitcoin News Technology

111 days ago, the Ethereum network implemented a London hard fork upgrade that added a mechanism (EIP-1559) that changed the Ethereum fee rate to a new scheme that makes ether crypto assets deflationary. Since then, a million ethers, or the equivalent of about $ 3.8 billion ethereum, have been burned at today’s exchange rate.

Over a million ethers or $ 3.8 billion burned to date

The second largest crypto asset in terms of market capitalization, ethereum (ETH) today has an overall estimate of just over $ 500 billion. Ethereum’s market capitalization represents 18.8% of the $ 2.7 trillion crypto economy. Three months ago, on August 5, 2021, the Ethereum blockchain was upgraded and added various features to the consensus rules. The most transformative involved EIP-1559 i EIP-3554, and in particular EIP-1559 has created a new tariff scheme that allows the network to burn part of the ether.

Summary EIP-1559 found on Github says:

In the protocol, there is a basic gas charge, which can move up or down each block according to a formula that is a function of the gas used in the parent block and the target gas (block gas limit divided by the elastic multiplier) of the parent block. The algorithm results in an increase in the basic charge per gas when the blocks are above the target gas and a decrease when the blocks are below the target gas. The basic gas fee is incinerated.

Since the new feature was introduced, Dune Analytics metrics indicate that 1,001,212 ethereum or $ 3.8 billion worth of ethereum at today’s exchange rate has been burned.

At the time of writing, etherscan.io API showing circling ETH supply shows that there are 118,472,428 ethers today. The biggest ethereum burner today is the still irreplaceable Token (NFT) token market with 110,081 ethers or $ 398 million burned to date.

Combustion resulting from the use of Opense occurred through 7,941,975 ethereum transfers. Regular ethereum transfers are tied to 94,800 ETH burned from an upgrade in August. The decentralized exchange platform (dex) Uniswap V2 (version 2) is the third largest Ethereum burner since the upgrade. 92,239 ethereum or $ 373 million worth of ethereum at today’s exchange rate was burned due to the use of Uniswap V2.

Stablecoins tether (COM)USDT) and usd coins (USDC) also contribute to the full combustion of ethereum. While the connection (USDT) is the fourth largest burner behind Uniswap V2, USDC is the seventh largest ethereum burner today. Tether attributes 53,988 burned ethers, or $ 210 million, over 11,499,787 transfers. The USDC contributed to the burning of 20,042 ethers today, or $ 77 million. Other applications such as Metamask, 1inch, Sushiswap and Axie Infinity also contribute to high ether combustion.

Labels in this story

Blockchain,, Burn Rate,, deflation,, 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,, Open sea,, change a set of rules,, Stablecoins,, Tether,, uniswap,, USDC,, USDT

What do you think about the million ethers that have been burned since August 5? Tell us what you think about this topic in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons, Dune Analytics,

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