Almost 2 million ETH burned since Ethereum network upgrade EIP-1559

Since being upgraded by the London hard fork on August 5, 2021 and the Ethereum network implementing EIP-1559 (Ethereum Improvement Proposal), the community has seen some of the gas burned during the transaction.

At the time of writing, the 24-hour burning rate on the Ethereum network is 2.7 ETH ($7,401) per minute, and a total of 1,918,031 ETH (over $5.2 billion) has been burned so far.

Source: etherchain.org

EIP-1559 fundamentally changes the gas fee algorithm in the protocol and burns gas fees. ETH advocates are a big fan of this idea because it will deflate Ethereum over time. When the London hard fork was introduced, Vitalik Buterin said that EIP-1559 was the most important part of the London hard fork.

Gas fees are still high, Opensea burns the most ether

Weeks after the London hard fork, EIP-1559 does not appear to have impacted the high gas fees users face when attempting to send transactions on-chain (Layer-1). In fact, the following month after the upgrade, Ethereum’s average gas fee increased to $59 per transaction. The average gas fee for sending an Ethereum transaction is currently much lower, standing at 0.006 ETH ($16.61) or 31.3 Gwei.

Meanwhile, the NFT Opensea marketplace is where the most gas is burned on the chain. At the time of writing, Opensea has burned around 229,916 ETH. Top ETH burning entities according to Opensea include protocols and platforms like Uniswap v2, Tether (USDT), Swaprouter 2, Uniswap v3, and Metamask.

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