With three days remaining until the end of 2021, the Ethereum network and its native token ether have had a phenomenal year as ether has appreciated by more than 450% in value in 12 months. 145 days ago, on August 5th, the Ethereum network implemented the London hard fork and since that day 1,283,226 ethers worth nearly $ 5 billion have been burned.
Burn $ 5 billion in 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 on the Ethereum rule set that created a new charging scheme that allows the network to burn some of the Ethereum.
“The algorithm causes the basic charge per gas to increase when blocks are above the gas target and decrease when blocks are below the gas target. The basic charge per gas is burned, ”says the description of EIP-1559.
To date, December 28, 2021, 1.28 million ethers have been destroyed by the incineration process, which is worth nearly $ 5 billion using today’s value ETH/ USD exchange rate. The value burned to date is 31.57% higher than that burned on November 24th when the burn rate exceeded 1 million ethers. It is estimated that there are 118,926,664 ethers in circulation today.
NFT platform Opensea burns the most ether
The biggest incinerator was the non-fungible token (NFT) marketplace Opensea, which burned 134,126 ethers worth $ 498 million in 9.5 million transactions. Conventional ether transfers by network participants have since the 5th ETH Exchange rates. The decentralized exchange (dex) Uniswap v2 has burned 112,159 ethers worth 457 million US dollars.
The stablecoin tether (USDT), used on Ethereum, burned 67,932 ethers valued at $ 268 million and Uniswap v3 burned 42,020 ethers valued at $ 167 million. The top 5 ETH Burners follow Metamask (29.2K aether burned), USDC (25.9K aether burned), Axie Infinity (16.7K aether burned), Sushiswap (15.1K aether burned) and the Opensea Registry (14.8K aether burned).
What do you think of the 1.2 million ethers burned since August 5th? Let us know what you think on this matter in the comments below.
Photo credits: Shutterstock, Pixabay, Wiki Commons
Source: Crypto News Austria