Ethereum network burned over $ 2.4 billion in ETH technology in 87 days

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87 days ago, the Ethereum network successfully implemented the London Hard-Fork-upgrade, and since then over 700,000 ether have been burned, or more than $ 2.4 billion to today's exchange rates.

702,886 Ethereum burned since the London Hard Fork

Data from dune analysis indicates that on October 31, 2021, also known as Halloween, 702.886 Ethereum ( eth ) is burned. The burning of Ethereum began on August 5, 2021, when the Ethereum network successfully implemented the London Hard fork-upgrade and EIP-1559.

At this time the London Hard Fork-Upgrade comprised about five different changes, but the most transforming goods eip-1559 and eip-3554 . While EIP-3554 the difficulty bomb of the Ethereum network changed, EIP-1559 changed the fee rate of Ethereum to a new scheme that makes the crypto-asset ether deflationary.

Only recently has Ethereum implemented the altair upgrade, which smoothes the consensus process from the proof-of-work (POW) to the Proof-of-Stake (POS). After altair was implemented, Ethereum ( eth ) reached an all-time high (ath) two days ago and reached 4.467 USD pro Ether.

The 702.886 etherum ( eth ), which has been burned so far, has a value of around 2,476 billion US dollar, measured on 31. October.

The greatest ETH Brenner is today the non-fungible token (nft) marketplace OpenSea, which has burned 91.171 Ether. Typical Ether transactions follow that send everyday users and organizations that amount to 63,441 burned ether. The decentralized stock exchange (Dex) Uniswap V2 burned 51,217 ether and is therefore the third largest burner today.

While holding rope ( usdt ) on Sunday is the fourth largest burner in the network, the Stablecoin usdc is the eighth in the pack. Other remarkable platforms and networks that contribute significantly to the Ether-Burn rate are Metamask, Axie Infinity and the Dex aggregator 1inch.

meanwhile statistics of bitinfocharts.com Give the average transaction fee on the ETH Network is 0.012 Ether or 51.16 $. Measurement values ​​of l2fees.info are far more modest, since the Ethereum network fees are $ 10.21 per transaction. L2FEES.info also shows that the transfer of Ethereum-based token can cost $ 23.26 per transmission and that the exchange of a token can cost via a smart contract 51.05 per transaction.

What do you think of the 700k ether or $ 2.4 billion $ Ethereum, which have been burned since August 5? Let us know your opinion on this topic in the comments below.

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