A month after the rollout of the London update on the Ethereum network, the number of burned ETH has exceeded 200,000. On average, the network burns about 300 ETH every hour.
According to ethburned.info, since the activation of the London hardfork in Ethereum on August 5, the network has burned more than 212,000 ETH worth about $ 834 million at current exchange rates. On average, the network burns 300 ETH every hour. Last Saturday 10,675 ETH was burned and on Friday 13,839 ETH.
After the successful update, the developers are one step closer to migrating to Ethereum 2.0. EIP-1559, deployed as part of the London hardfork, destroys ETH instead of distributing it to miners who confirm transactions. As conceived by the developers, such a system should help reduce transaction fees on the network.
However, Ethereum fees are still high and continue to rise due to the boom in the NFT markets. On Sunday, one swap on the Uniswap decentralized exchange on Ethereum cost users $ 76.31, and an average of $ 24.8 was paid for a transaction of ERC-20 tokens.
The NFT OpenSea market has been the largest consumer of gas in the Ethereum network for several weeks now. OpenSea has consumed 15.21% of all gas on the Ethereum network over the past day.
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