With three days left until the end of 2021, the Ethereum network and its native token Ether have had a phenomenal year as Ether has gained more than 450% in value in 12 months. 145 days ago, on August 5th, the Ethereum network implemented the London hard fork and since that day, 1,283,226 Ether worth almost $5 billion have been burned. Burning $5 Billion in Ether in 4 Months About four months ago, Ethereum implemented the London upgrade, which added a number of new rulesets to the chain. The most transformative include EIP-1559, an improvement to the Ethereum ruleset that created a new fee scheme...
With three days left until the end of 2021, the Ethereum network and its native token Ether have had a phenomenal year as Ether has gained more than 450% in value in 12 months. 145 days ago, on August 5th, the Ethereum network implemented the London hard fork and since that day, 1,283,226 Ether worth almost $5 billion have been burned.
About four months ago, Ethereum implemented the London upgrade, which added a number of new rulesets to the chain. The most transformative included EIP-1559, an improvement to the Ethereum ruleset that created a new fee scheme that allows the network to burn a portion of Ether.
"The algorithm causes the base fee per gas to increase when blocks are above the gas target and decrease when blocks are below the gas target. The base fee per gas is burned," EIP-1559's description reads.
As of today, December 28, 2021, 1.28 million Ether have been destroyed through the combustion process, worth almost $5 billion using today's value ETH /USD exchange rate. The value burned so far is 31.57% higher than that burned on November 24th, when the burn rate exceeded 1 million ether. Estimates suggest that there are 118,926,664 Ether in circulation today.
The biggest burner was non-fungible token (NFT) marketplace Opensea, which burned 134,126 Ether worth $498 million across 9.5 million transactions. Traditional Ether transfers by network participants have increased since May 5th. ETH Exchange rates. Decentralized exchange (dex) Uniswap v2 has burned 112,159 Ether worth $457 million.
The stablecoin Tether ( USDT ), used on Ethereum, burned 67,932 Ether worth $268 million and Uniswap v3 burned 42,020 Ether worth $167 million. The top 5 ETH Burners are followed by Metamask (29.2K ether burned), USDC (25.9K ether burned), Axie Infinity (16.7K ether burned), Sushiswap (15.1K ether burned) and the Opensea Registry (14.8K ether burned).
What do you think of the 1.2 million ethers burned since August 5th? Let us know your thoughts on this topic in the comments below.
Photo credits: Shutterstock, Pixabay, Wiki Commons
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