Network participants burn over 300,000 Ether worth more than $1 billion – Technology

August 2021, the Ethereum network and its participants successfully completed the highly anticipated London Upgrade, implementing the Ethereum Improvement Proposal (EIP)-1559. Since then, 303,681 Ether worth more than $1 billion have been burned.

More than 300K Ether burned after EIP-1559

Ethereum worth more than a billion dollars ( ETH ) has been burned to date after the London upgrade was implemented 42 days ago. The biggest changes to the Ethereum blockchain included EIP-1559 and EIP-3554. While EIP-3554 changed the difficulty bomb, EIP-1559 changed Ethereum's fee rate to a new scheme that makes the crypto asset Ether deflationary.

Essentially, fees are standardized and calculated based on network demand, as a transaction pricing mechanism introduces a base fee for each block found on the network. The rest of the fees will be burned and Ethereum proponents believe this will significantly reduce the overall supply of Ethereum. As of today, September 16, 2021, the Ethereum network has burned 303,681 Ether worth over $1 billion at Thursday's Ether exchange rates.

Opensea still largest burner, stablecoin transfers are added to the burn stack

The biggest burners on the network are people transferring Ether from one address to another, as well as decentralized applications (dapps) and decentralized finance platforms (defi). The largest Ether burner today is the non-fungible token (NFT) marketplace Opensea as Dune Analytics statistics show that the market burned 42,991 Ether worth $146.1 million today. Opensea is followed by traditional Ether transfers, which added 25,514 Ether to the burning stack.

Uniswap V2 and the stablecoin project Tether ( USDT ) occupy the third and fourth positions in relation to the upper aether burners. To date, the second version of the Uniswap decentralized exchange (Dex) has burned 16,665 Ether worth 55.8K. Tether's stablecoin USDT added 15,015 Ether to the burn pile as it is responsible for burning $51 million. Other top burners include Axie Infinity, Uniswap V3, Metamask, stablecoin project USDC, and Opensea's registry.

What do you think of the 303,681 Ethers burned worth over $1 billion? Let us know your thoughts on this topic in the comments below.

Photo credits: Shutterstock, Pixabay, Wiki Commons, Dune Analytics,