The new DEFI platform enters the market! Earn passively - token sale 0.25 $ I'm going in!

Ethereum network burns $395K per hour

3 min reading

The present burn rates, 2.3 ETH per minute, or $6,600 is going down. To be exact 2.3 ETH is being burned every now and then due to the new transaction fee mechanism brought in by Ethereum’s London upgrade on August 5.

The present burn rates, 2.3 ETH per minute, or $6,600 is going down. To be exact 2.3 ETH is being burned every now and then due to the new transaction fee mechanism brought in by Ethereum’s London upgrade on August 5. 

The most awaited London hard fork went live on Wednesday this week bringing in the EIP-1559 update that used to moderate gas fees. This whole adjustment presented a method that burns some of the base fees collected. Based on some reports it states that the total amount of ETH burnt since the upgrade has now gone live around different counters available. Etherchain states that an average burnt rate is usually 2.36 ETH per minute. This encompasses to $6,596 per minute, or around $395,000 of ETH increasing in unusual manner at any hour based on the present prices.

There is another term called which states a total burn of 3,390 ETH worth $9.5 million at the present ETH price around $2,800. The tracker states that the popular NFT marketplace OpenSea is the more valuable ETH burner with 374 ETH or above $1 million dollars disrupted after the upgrade was launched. In the next part Uniswap’s version 2 which had burned around 263 ETH, or $740,000. Hayden Adams, Uniswap founder said that if things continue to be the same at this rate, the protocol will be able to burn as much as 350,000 ETH maybe even $1 billion per year. 

The DeFi newsletter included some figures in an attempt to forecast the after effects of it. As the base fee is anywhere near 25% and 75% of the total transaction fee, as the regular calculation and predictions are tough. “Annualizing these figures, this means that between 800,000-2.4 million ETH is projected to be burned in 2021.” When this is put together with the reduction in block reward issuance from the merge to proof-of-stake. Also, the fee burning could cause Ethereum to have a deflationary supply. This would promote the repeatedly used meme of “ultrasound money.” 

Currency Exchange rate Buy cryptocurrency

Buy crypto now

Dear customer,

We use cookies to provide our services correctly and safely. Cookies are small text-based data sets that shall be saved on the device you are using in connection with the use of this instnat website. Cookies are created in order to ensure proper functioning of thes instant website. By clicking the button "I accept and go to the website", you implicitly agree to creation of the cookies on your computer and to deploy automatic tracking and data collection and processing on behalf of the Lushup Holdings FZ LEE. Click the above-captioned button is also tantamount to accepting website's privacy policy. Closing the notification by means of "X" is unequivocally connected with your consent. If you do not agree to any of the above, please discontinue using our Website.

“Cookies” shall make an identification of the software used by you and to customization of this instant website to your needs. Cookies contain the name of the domain from which they origin, duration of period of their storage on your computer and an assigned value.

Third party cookies:
We also use third-party cookies for the following purposes:

  • creating statistics - helping to understand the way Users use the Website, which allows to improve its structure and content with use of the analytical tools
  • defining a user profile - in order to display custom-tailored content in advertising networks.

External entities that might be source of any third-party cookies on this instant Website are as follows:

Using a settings of your web browser or by using pre-set configuration tools available in our service you can independently and at any time change the settings concerning your use of the “cookies”, specifying the conditionsof their storage and how your device is creating and downloading them. These settings can be changed to block the automatic handling of cookies in the settings of your web browser or inform about their placement on your device each time.

Detailed information about the options related to use of “cookies” is available in the settings of your software (web browser).

Service privacy policy

This instant document lays out the principles of the Privacy Policy on the website (hereinafter referred to as the "Website" or "Service"). The administrator of the Website is Lushup Holdings FZ LEE, Fujairah - Creative Tower, P.O.Box 4422 Fujairah, United Arabs Emirates.

The full document to read the Tokeneo privacy policy is available in this document.

Advanced settings can be changed in your browser.