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600,000 ETH has been burned since the activation of the “EIP 1559” upgrade…Details here

600,000 ETH has been burned since the activation of the “EIP 1559” upgrade…Details here

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Answer 600,000 ETH has been burned since the activation of the “EIP 1559” upgrade…Details here

Since the launch of the Ethereum Improvement Proposal “EIP 1559” in the mainnet on August 5, 2021, the total value of the destroyed Ethereum has exceeded $2.4 billion.

Ethereum on its way to deflationary asset status:

According to data shared by the automated analytics tool “ETH Burn Bot,” the total number of ETH burned exceeded 600,000 ETH yesterday in the late night hours.

Since Ethereum is back in excess of $4,000 on major cryptocurrency exchanges, that amount equates to $2,406,906,000.

Read:Founder of FTX: All US FTX platform users will get 100% of their funds back

As the news was covered by Arab Bitcoin previously, over the past month, Ethereum (ETH) users have paid more than $1,000,000,000 in network fees, of which 82.45% have been burned.

The milestone of burning 500,000 ETH was achieved in mid-October.

What is EIP 1559 and how does it work?

The most controversial Ethereum upgrade ever, the “EIP 1559” upgrade, completely re-examined the fee model of the first-ever smart contract network.

With the implementation of the EIP-1559 by the so-called “London” upgrade, network fees were redirected from miners to burning.

So when the Ethereum blocks are more than 50% full, it means that the network is more active and the core fees increase as a result.

After that, the basic fees are “burned” i.e. some Ethereum is periodically excluded from trading.

This design makes the Ethereum fee model more predictable, and ultimately this mechanism makes Ethereum more deflationary.

Read:Is Ethereum undervalued? Is Polkadot overpriced?

Read also:

Sotheby’s Expands the Crypto Market and Invests $20 Million in an NFT Company

Less than 17% of Ethereum addresses control 80% of the NFT…Details here


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