With three days to go until the end of 2021, the Ethereum network and its native token ether have had a phenomenal year as the ether has grown over 450% in value in 12 months. 145 days ago, on August 5, the Ethereum network set up the London hard fork and since that day 1,283,226 ethers worth nearly $ 5 billion have been burned.
Burn $ 5 billion of ether in 4 months
About four months ago, Ethereum implemented the London Upgrade which added a number of new rule sets to the chain. The most transformative included EIP-1559, an improvement to the Ethereum rule set that created a new pricing system that allows the network to burn some of the ether.
“The algorithm makes the base charge per gas increase when blocks are above the gas target and decrease when blocks are below the gas target. The basic charge per gas is burned, ”notes the description of EIP-1559.
As of December 28, 2021, 1.28 million ethers have been destroyed by the combustion process, which equates to almost US $ 5 billion using today’s ETH / USD exchange rate. . The amount of value burned to date is 31.57% greater than that which was burned on November 24, when the burn rate exceeded 1 million ether. Estimates indicate that there are 118,926,664 ether in circulation today.
NFT Opensea platform burns the most ether
The biggest burner was the Opensea Non-Fungible Token (NFT) Marketplace, as it burned 134,126 ethers worth $ 498 million in 9.5 million transactions. Traditional ether transfers by network participants have burned 122,365 ethers since August 5, which equates to $ 483 million using today’s ETH exchange rates. The decentralized exchange (dex) Uniswap v2 burned 112,159 ethers worth $ 457 million.
Stablecoin tether (USDT), used on Ethereum, burned 67,932 ethers worth $ 268 million and Uniswap v3 burned 42,020 ethers worth $ 167 million. The top five ETH burners are followed by Metamask (29.2K burnt ether), USDC (25.9K burnt ether), Axie Infinity (16.7K burnt ether), Sushiswap (15.1K burnt ether) and Opensea Registry (14, 8K burnt ether).
What do you think of the 1.2 million ether burnt since August 5? Let us know what you think of this topic in the comments section below.
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