More than 200,000 Ethereum burned by EIP-1559

amount of Ethereum burned by EIP-1559, a recently rolled out update that removes transaction fees that once went to miners, exceeded 200,000 ETH (roughly $ 675 million at the prices at which it was burned).

A total of 204,281.8 ETH was burned, worth approximately $ 682 million, according to ethburned.info.

At current rates, about $ 1.2 million in ETH, or 300 ETH, is burned every hour. So far, 4,877 ETH have been burned today. Yesterday the network burned 10,675 ETH and on Friday 13,839 ETH.

EIP-1559 was introduced in early August as a way to speed up the upgrade to Ethereum 2.0, the next-generation version of Ethereum that transforms the proof-of-work blockchain, a computationally intensive way to verify transactions, to proof-of-stake. , an ecological algorithm that uses much less energy.

To do this, EIP-1559 destroys ETH from circulation rather than paying it to miners who validate transactions through proof-of-work calculations. switch to EIP-1559 was unpopular with miners who had shell out money for expert graphics cards in Ethereum mining.

Ethereum will “merge” with the proof-of-stake version of its blockchain by the end of the year or early 2022. However, it will take a few years for Ethereum 2.0 to have the same smart contract functionality as Ethereum 1.0.

An expected side effect of EIP-1559 was that taxes would decrease, or at least become more predictable. However, fees on Ethereum are still skyrocketing and rising due to the continued resumption of NFT projects.

At the time of writing, a single exchange on Uniswap costs $ 76.31 and an ERC-20 transfer costs $ 24.8. largest gas consumer is the OpenSea NFT market, which used 11.65% of all gas on the Ethereum network in the last 3 hours and 15% in the last day.

No doubt the miners look on with envy.

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