Ethereum has burned more than one million ETH in the past 3 months - technology
Ethereum has burned more than one million ETH in the past 3 months - technology
111 days ago, the Ethereum network implemented the London Hard-Fork upgrade, which added a mechanism (EIP-1559) that changed the fee rate of Ethereum to a new scheme that makes the crypto-asset ether deflationary. Since then, 1 million ether has been burned, or the equivalent of Ethereum worth around 3.8 billion US dollars to today's exchange rates.
to date over one million ether or $ 3.8 billion burned
The second largest crypto asset regarding market capitalization, Ethereum ( eth today has a total value of over 500 billion US dollars. The market capitalization of Ethereum accounts for 18.8% of the $ 2.7 trillion dollar crypto economy. Three months ago, on August 5, 2021, the Ethereum blockchain was updated and the consensus rules were expanded by different functions. The most transformative contain eip-1559 and eip-3554 , and in particular EIP-1559 have created a new fee scheme that enables the network to burn part of the ether.
in the summary of EIP-1559 hosted on Github it says:
There is a basic fee per gas in the protocol, which can move up or down in each block according to a formula that is divided into a function of the gas used in the main block and the gas target (block gas limit by elasticity multiplier) of the main block. The algorithm means that the basic fee per gas rises when blocks are above the gas destination and drops when blocks are under the gas destination. The basic fee per gas is burned.
Since the introduction of the new function, metrics from Dune Analytics have shown that 1,001,212 ether or Ethereum worth 3.8 billion US dollars were burned using today's exchange rates.
The combustion due to the use of Openea took place at 7,941,975 Ethereum transfers. Regular Ethereum transfers are 94,800. bound eth burned since the upgrade in August. The decentralized Exchange (Dex) platform Uniswap V2 (version 2) has been the third largest Ethereum burner since the upgrade. 92,239 Ether or Ethereum worth $ 373 million to today's exchange rates were burned uniswap V2 use.
The StableCoin-Tether ( usdt ) and USD Coin (USDC) also contribute to a strong Ethereum incineration. While holding rope ( usdt ) is the fourth largest burner behind uniswap v2, usdc is today the seventh largest Ethereum burner. Tether over 11,499,787 transfers is attributed to 53,988 burned ether or $ 210 million. USDC has contributed to the fact that 20,042 ether or $ 77 million was burned today. Other applications such as Metamask, 1inch, Sushiswap and Axie Infinity also contribute too much etheric burn.
What do you think of the 1 million ether that have been burned since August 5? Let us know your opinion on this topic in the comments below.
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