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Ethereum after 1559: Network nears 2 million ETH burned worth over $6.9 billion

The Ethereum network was upgraded via the London hardfork, which implemented the EIP-1559 package. The EIP-1559 upgrade has made it possible that a fraction gas is destroyed during transactions.

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Ethereum after 1559: Network nears 2 million ETH burned worth over $6.9 billion

To date, 1,915,220 Ethereum have been burned for over $6.9 Billion using today's exchange rates.

Ethereum Burn Rate Closer to 2,000,000 Burned, 3.57 Ether Burned Every Minute

The Ethereum ( Ethereum) network has consumed 1,915,220 Ethereum, and this metric is close to the two million mark. The community has been monitoring how much ether is being burnt every day since the improvement was introduced on August 5, 2021. The 24-hour burn rates are currently 3.57 ether per hour or approximately $9,809.16 each 60 seconds.

EIP-1559 basically changes the algorithm that is tied to the base price per gas in the protocol. It also burns the base cost per gas. The idea is popular among Ethereum supporters because it deflationizes ethereum ( ETH) over time. Vitalik Buterin , Ethereum's co-founder, told Bloomberg EIP-1559 was the most crucial part of London when the London hard fork took place.

Buterin stated that it was now much easier to send transactions that will be included in the next block, which is very important for user experience.

Gas Fees remain dynamic, Opensea is the largest Ether Burning Entity

EIP-1559 didn't seem to have any effect on the high gas fees that users had to pay when sending on-chain (layer 1) transactions. The average ETH gas fee rose to $59 per transaction the month following the London upgrade. Today's average gas fee for pushing an ethereum ( Ethereum) transaction is 0.006 , or 31.3 gwei.

The largest on-chain gas burner is Opensea, a non-fungible token (NFT), marketplace. It has already destroyed $6.9 Billion in ether via EIP-1559. The leading NFT market, Opensea, has burned roughly 229,916 Ethereum worth $790,499.348 through 14,635,232 and ETH transfers as of the writing.

The second largest gas-burning entity is ordinary ethereum transactions, with 178.166 ether so far. Opensea, ordinary ethereum transactions and large ETH-burning entities are protocols and platforms such as Uniswap v2, Tether USDT, Swaprouter 2, Uniswap v3, Metamask.