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With three days to go until the end of 2021, the Ethereum network and its native token, Ether, have had an extraordinary year, and the value of Ether has increased by more than 450% in 12 months. 145 days ago, on August 5, the Ethereum network implemented the London hard fork. Since that day, 1,283,226 ETH worth close to 5 billion U.S. dollars have been burned.
Burned 5 billion U.S. dollars of ether in 4 months
About four months ago, Ethereum implemented the London upgrade, adding many new rule sets to the chain.The most transformative include EIP-1559, The improvement of the Ethereum rule set has created a new rate scheme that allows the network to burn part of the ether.
“When the block is higher than the gas target, the algorithm will cause the basic cost per gas to increase, and when the block is lower than the gas target, it will decrease. The description of EIP-1559 points out the basic cost per gas burned.
As of today, on December 28, 2021, 1.28 million Ether has been destroyed during the destruction process, which is equivalent to using today’s value close to 5 billion U.S. dollars Ethereum/USD exchange rate. The amount of value burned so far is 31.57% higher than the value burned on November 24, when the burn rate exceeded 1 million Ether. It is estimated that there are 118,926,664 ethers in circulation today.
The NFT platform Opensea burned the most ether
The biggest burner is Opensea, the non-fungible token (NFT) market, because it burned 134,126 Ether in 9.5 million transactions, worth US$498 million.Since August 5th, the traditional ether transfer of network participants has burned 122,365 ether, which is equivalent to today’s 483 million U.S. dollars Ethereum exchange rate. Decentralized exchange (dex) Uniswap v2 has burned 112,159 ETH worth US$457 million.
Stablecoin Tether (USDT), used in Ethereum, has burned 67,932 Ether worth 268 million US dollars, and Uniswap v3 has burned 42,020 Ether worth 167 million US dollars.Top five Ethereum Followed by Metamask (burning 29.2K Ether), USDC (burning 25??.9K Ether), Axie Infinity (burning 16.7K Ether), Sushiswap (burning 15.1K Ether) and Opensea Registry (burning 14.8K Ether) .
What do you think of the 1.2 million Ethereum burned since August 5th? Please tell us your thoughts on this topic in the comments section below.
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