Latest News

After ETH London Upgrade, More Than One Million Ethereum Worth $4.3B Has Been Burnt

The ETH London hard fork in early August introduces EIP-1559, a mechanism to burn a portion of the transaction fees.

Notably, after that, 1,008,431 ETH burns at the time of writing according to the Ultrasound.Money tracker.

Also, At current prices of around $4,300, which is equivalent to a whopping $4.3 billion. Also, Ethereum passes the $1 billion burn milestone in mid-September.

More so, The milestone receives witnesses by Ethereum advocates on crypto twitter. However, those using the network on layer 1 are still suffering those painful transaction fees.

Currently, The daily burn rate is 11,588 ETH worth around $50 million per day.

Notably, in the past 24 hours, the network has successfully burns 8 ETH per minute on average. So, at these rates, the network will burn around 4.2 million ETH per year. Of course, which is $18 billion at current prices.

More so, Uniswap is the leader of the burn table at the moment, destroying 1,360 ETH. That’s, $5.8 million in over the past 24 hours.

Also, It is surprising considering a simple token swap on the DEX can cost as much as $100 in gas at the moment.

So, The burn rate means that Ethereum supply inflation is reducing to just 1% per year. Remarkably, since there are 5.4 million ETH currently mined per year.

Lastly, The network switches to a deflationary issuance several times over the past months.

Galaxy Interactive Rises Additional $325M Fund For Metaverse and Next Gen…>>

Related Posts – Bank DBS’s Crypto Business Grows Massively Due To Growing Demand From Investors

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.