Nearly $ 5 billion worth of ETH has been burned in the past 4 months

Only 2 days left until the end of 2021, the Ethereum network and the ETH token had a great year in which the price rose by more than 450% in 12 months. 145 days ago, on August 5th, the Ethereum network launched the London hard fork, and since then 1,291,710 ethers, valued at nearly $ 5 billion, have been burned.

Nearly $ 5 billion worth of ETH was burned

About four months ago, Ethereum upgraded London and added a number of new rules to the chain, including EIP-1559, an improved algorithm that creates a new fee rate mechanism that allows the network to partially burn ether.

“The algorithm charges a basic fee for each gas, and this basic fee is burned,” says the description of the EIP-1559.

Amount of ether burned so far | Source: Etherscan

To date, 1.29 million ethers have been burned in the burning process, which is nearly $ 5 billion, which is 31.57% more than the amount of tokens burned on November 24th when the network reached 1 million ethers burned while doing it there are currently 118,936,468 ethers in circulation.

NFT Opensea is the platform that burns the most ether

The platform that currently burns the most ETH is the Opensea NFT marketplace with 134,126 ethers worth 498 million US dollars in 9.5 million transactions. In addition, by moving and performing regular transactions since August 5th, network participants have also burned 122,365 ethers, equivalent to $ 483 million.

The decentralized exchange Uniswap v2 burned 112,159 ethers valued at 457 million US dollars. Stablecoin USDT used on Ethereum burned 67,932 ethers valued at $ 268 million and Uniswap v3 burned 42,020 ethers valued at $ 167 million.

The other five major ETH burning platforms are: Metamask (burns 29,200 ethers), USDC (burns 25,900 ethers), Axie Infinity (burns 16,700 ethers), Sushiswap (burns 15,100 ethers) and Opensea Registry (burns 14,800 ethers).

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