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

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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.

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