After the activation of the London update, which included the EIP-1559 proposal, more than 1 million ETH was burned on the Ethereum network.
According to the Watch The Burn resource, which shows the volume of burned coins in real time, the number of destroyed ETH has reached 1,002,000, which at the current exchange rate is more than $ 4.3 billion.
The London hard fork was activated on the Ethereum network in early August. The EIP-1559 proposal included in it aims to burn part of ETH when paying transaction fees. This was supposed to “balance” the cost of transactions on the network, however, after three months, fees remain high.
Another goal of the proposal was to reduce inflation on the Ethereum network. The developers did not fail here – the volume of burnt coins often exceeds the volume of mined ones. Although, on average, a third more ETH is still mined than destroyed.
The NFT OpenSea trading platform became the leader in terms of the amount of ether burned – 110,175 ETH were burned on the platform. As part of the “regular” transfers of coins in the Ethereum network, 97,500 ETH were burned. Decentralized exchange Uniswap V2 burned 92 692 ETH.
At the end of October, it was reported that the average ETH commissions had increased by 2,293% since the beginning of July.