Ethereum Has Burned More Than a Million ETH Over the Last 3 Months

Currently, ethereum ( ETH) is the second-largest cryptocurrency asset in terms market capitalization. Its overall value today is just over $500 billion. Ethereum’s market capitalization is 18.8% of the crypto economy worth $2.7 trillion. On August 5, 2021 Ethereum’s market capitalization was 18.8%. The most significant were EIP-1559 as well EIP-35554 . EIP-1559 created a new fee scheme that allows the network burn a portion.

Github hosts the summary of EIP-1559:

Protocol has a base fee for each gas. This fee can be used to move blocks up or down according to a formula that is a function gas used in parent blocks and gas target (block limit divided by the elasticity multiplier). Based on the algorithm, the base fee per gaz increases when blocks exceed the gas target and decreases when blocks fall below the gas target. The base fee for gas is burned.

Dune Analytics has reported that 1,001,212ether, or $3.8 billion in ethereum, was burned since the new feature was added.

According to etherscan.io, the API that shows the circulating ETH supply at the time of writing, there are currently 118,472,428 ether. Opensea, a non-fungible token marketplace (NFT), is the largest ethereum burner with 110,081 Ethereum or $398 Million burned so far.

Opensea usage resulted in the burning of 7,941,975 Ethereum Transfers. Since August’s upgrade, regular ethereum transfer are tied to 94 800 and ETH. The third largest ethereum burner is the decentralized exchange platform Uniswap V2 version 2. Uniswap V2 has burned 92,239 ether (or $373 million) of ethereum according to today’s exchange rates.

Ethereum is also being burned by the stablecoins USDT and USDC. Tether ( USDT), which is fourth behind Uniswap V2, is seventh in ethereum burning. Tether has been responsible for 53,988 ether burnt or $210 million, thanks to 11,499,787 transfer. USDC contributed to the current burning of 20,042ether, or $77 millions. Additional applications such as Metamask and 1inch, Sushiswap and Axie Infinity contribute to significant ether burning.