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Over 2 Million Ethereum Burned Since EIP-1559 Upgrade

Over 2 Million Ethereum Burned Since EIP-1559 Upgrade

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Answer Over 2 Million Ethereum Burned Since EIP-1559 Upgrade

Since the EIP-1559 upgrade of the Ethereum network, which burns fees rather than providing them to miners, more than 2 million ETH has been burned.

This means that $5.7 billion worth of ETH has now been sent to a dead wallet since August 2021.

In the last 24 hours, the second largest cryptocurrency recorded a gain of more than 12% in the past seven days.

Burning more than 6 Ethereum coins every minute:

According to the website Watch the Burn, which tracks the process of burning Ethereum, more than 2,001,406 ETH have been destroyed and taken out of circulation forever.

The data indicates that the net write-down value was maintained at 65.15%.

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According to UltraSoundAwakening, more than 6 Ethereum is burned every minute, and at the same time 133,967 Ethereum (worth approximately $389 million) was burned by the same mechanism last month.

EIP-1559 is the technical name for the burning mechanism in Ethereum.

The mechanism was successfully launched on August 4, 2021.

This mechanism is intended to improve Ethereum and to make changes to the transaction fee system.

The EIP-1559 mechanism got rid of the first price auction which was a major source of transaction fees for miners and replaced the mechanism with a basic fee model where fees are changed dynamically based on network activity.

Currently at the time of writing this article, Ethereum is trading with an average price of $3,010.

The price has increased slightly by about 3% in the past 24 hours.

Recently Vitalik Buterin, co-founder of Ethereum, talked about the upgrade of EIP-4844 also known as “proto-danksharding”.

It is an upgrade designed to improve and simplify Ethereum transactions and improve how fees work on the network.

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