Over the past 21 months, Ethereum has destroyed over 3.33 million ether, valued at $6.1 billion since the London hard fork. The network currently burns an estimated 3.51 ether every minute. The Opensea platform has become a significant participant in this process, having contributed to the burning of 230,050 ETH.
The implementation of Ethereum Improvement Proposal (EIP) 1559 on August 5, 2021, marked a significant milestone for the network. Since then, EIP-1559 has fueled the destruction of 3.33 million ethereum (ETH), which amounts to $6.1 billion based on current exchange rates. Conventional ether transactions have been responsible for destroying 285,576 ether, while Opensea and Uniswap transfers have contributed to the burning of nearly 700,000 ether combined.
Tether’s ERC20 transfers and Uniswap v3 transactions have also played a role in burning 146,837 ETH and 120,889 ETH, respectively. Additionally, Metamask, USDC, Otherdeed, and new contract creations are among the other prominent contributors to the burn rate.
Over the past week, the Ethereum network has burned more than 28,000 ETH, with Uniswap transactions outpacing traditional ether transfers.
Interestingly, the amount of burned ETH, valued at $6.1 billion, could have purchased approximately 14,000 homes or over 25,000 Lamborghini Huracan vehicles. Comparing this to the expenditure patterns of the U.S. government, data reveals that it spends nearly $500 billion each month, emphasizing how quickly bureaucrats exhaust funds compared to the Ethereum network.
In conclusion, the Ethereum network continues to witness significant burning activity, primarily driven by conventional ether transactions, Opensea, and Uniswap-related transfers. As the network continues to evolve, it will be interesting to see how these trends develop and how they impact the overall value of ETH.
Post time: May-29-2023