Ethereum Has Burned 1.2 Million ETH in 4 Months, Close to $5 Billion in Ether Destroyed – Technology Bitcoin News

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Since August 5, 2021, approximately 1,283,226 ethereum worth close to $5 billion in value has been burned.

With three days left until the end of 2021, the Ethereum network and its native token ether have had a phenomenal year as ether has increased more than 450% in value in 12 months. 145 days ago, on August 5, the Ethereum network implemented the London hard fork and since that day, 1,283,226 ether worth close to $5 billion has been burned.Around four months ago, Ethereum implemented the London upgrade which added a number of new rule-sets to the chain.

“The algorithm results in the base fee per gas increasing when blocks are above the gas target, and decreasing when blocks are below the gas target. The base fee per gas is burned,” EIP-1559’s description notes.As of today, December 28, 2021, 1.28 million ether has been destroyed by the burn process, which equates to close to $5 billion in USD value using today’s

/USD exchange rate. The amount of value burned to-date is 31.57% higher than what had been burned on November 24, when the burn rate crossed 1 million ether. Estimates indicate that there’s 118,926,664 ether in circulation today.The biggest burner has been the non-fungible token marketplace Opensea as it has burned 134,126 ether worth $498 million across 9.5 million transactions.

 

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