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Ethereum network burns $395K per hour

By
Redakcja
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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 Ultrasound.money 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.” 

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