Ethereum Network Burned Over $ 2.4 Billion in ETH in 87 Days – Technology Bitcoin News

87 days ago, the Ethereum network successfully implemented the London hardfork upgrade, and ever since, over 700,000 ethers have been burned, or more than $ 2.4 billion, using today’s exchange rates.

702,886 Ethereum burned since London Hard Fork

Data from Dune Analytics indicates that on October 31, 2021, also known as Halloween, 702,886 ethereum (ETH) were burned. The burning of ethereum started on 5 August 2021, when the Ethereum network successfully implemented the London hard fork upgrade and EIP-1559.

At the time, the London hard fork upgrade included about five different changes, but the most transformative were the EIP-1559 and EIP-3554. While EIP-3554 changed the difficulty bomb of the Ethereum network, EIP-1559 changed Ethereum’s fee rate to a new scheme that makes the cryptoactive ether deflationary.

Recently, Ethereum implemented the Altair upgrade, which helps smooth the consensus process from proof-of-work (PoW) to proof-of-stake (PoS). Following the implementation of Altair, ethereum (ETH) reached a record high (ATH) two days ago on October 29, reaching $ 4,467 per ether.

The 702,886 ethereum (ETH) that have been burned to date are worth about $ 2.476 billion using exchange rates on October 31st.

The largest ETH burner today is the non-fungible token (NFT) marketplace Opensea, which has burned 91,171 ethers. This is followed by typical ether transactions sent by daily users and organizations, equivalent to 63,441 burnt ethers. The decentralized exchange (dex) Uniswap V2 has burned 51,217 ethers, making it the third largest burner today.

While tether (USDT) is the fourth largest burner on the network on Sunday, stablecoin USDC is the eighth largest in the package. Other notable platforms and networks that contribute significantly to the ether burn rate include Metamask, Axie Infinity, and the 1inch dex aggregator.

Meanwhile, statistics from bitinfocharts.com show that the average transaction fee on the ETH network is 0.012 ether or $ 51.16. Measurements from l2fees.info are far more modest with Ethereum network fees registered at $ 10.21 per. transaction. L2fees.info also shows that transferring Ethereum-based tokens can cost $ 23.26 per transfer, and exchanging a token via a smart contract can cost $ 51.05 per transaction.

What do you think of the 700K or $ 2.4 billion ethereum that has been burned since August 5th? Tell us what you think about this topic in the comments section below.

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Blockchain, Burn Rate, Deflationary, EIP-1559, ETH, ETH Fees, ETH Markets, ETH Transfers, Ether, Ethereum, Ethereum (ETH), Fee Burn, Fees, Spike Fees, Hard Fork, London, London Fork, London Upgrade, Opensea, rule set change, Stablecoins, Tether, uniswap, USDC, USDT

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