Bitcoin News and Finance
Ether Inferno: Ethereum Network Burned Over $2.4 Billion Worth of ETH in 87 Days Skip to main content

Ether Inferno: Ethereum Network Burned Over $2.4 Billion Worth of ETH in 87 Days

Ether Inferno: Ethereum Network Burned Over $2.4 Billion Worth of ETH in 87 Days

87 days ago, the Ethereum network successfully implemented the London hard fork upgrade, and ever since then over 700,000 ether has been burned, or more than $2.4 billion using today’s exchange rates.

702,886 Ethereum Burned Since the London Hard Fork

Data from Dune Analytics indicates that on October 31, 2021, otherwise known as Halloween, 702,886 ethereum (ETH) has been burned. The burning of ethereum started on August 5, 2021, when the Ethereum network successfully implemented the London hard fork upgrade and EIP-1559.

At the time, the London hard fork upgrade included roughly five different changes but the most transformative were EIP-1559 and EIP-3554. While EIP-3554 changed the Ethereum network’s difficulty bomb, EIP-1559 changed Ethereum’s fee rate to a new scheme that makes the crypto asset ether deflationary.

Just recently, Ethereum implemented the Altair upgrade which helps smooth the consensus process from proof-of-work (PoW) to proof-of-stake (PoS). After Altair was implemented, ethereum (ETH) tapped an all-time high (ATH) two days ago on October 29, reaching $4,467 per ether.

The 702,886 ethereum (ETH) that has been burned to date is worth roughly $2.476 billion using exchange rates on October 31.

The biggest ETH burner today is the non-fungible token (NFT) marketplace Opensea which has burned 91,171 ether. This is followed by typical ether transactions that everyday users and organizations send which amounts to 63,441 ether burned. The decentralized exchange (dex) Uniswap V2 has burned 51,217 ether, making it the third-largest burner today.

While tether (USDT) is the fourth-largest burner on the network on Sunday, the stablecoin USDC is the eighth-largest in the pack. Other notable platforms and networks that contribute significantly to the ether burn rate include Metamask, Axie Infinity, and the dex aggregator 1inch.

Meanwhile, statistics from bitinfocharts.com indicate the average transaction fee on the ETH network is 0.012 ether or $51.16. Metrics from l2fees.info are far more modest with Ethereum network fees recorded at $10.21 per transaction. L2fees.info also shows that transferring Ethereum-based tokens can cost $23.26 per transfer and swapping a token via a smart contract can cost $51.05 per transaction.

What do you think about the 700K ether or $2.4 billion worth of ethereum burned since August 5? Let us know what you think about this subject in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Post a Comment
Read more
Blogarama - Blog Directory