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London fork

Ethereum After 1559: Network Participants Burn Over 300,000 Ether Worth More Than $1 Billion

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On August 5, 2021, the Ethereum network and its participants successfully completed the highly anticipated London upgrade, which saw the implementation of the Ethereum Improvement Proposal (EIP)-1559. Since then, 303,681 ether worth more than a billion U.S. dollars have been burned.

More Than 300K Ether Burned Following EIP-1559


More than a billion dollars worth of ethereum (ETH) has been burned to date, after the London upgrade was implemented 42 days ago. The biggest changes added to the Ethereum blockchain included EIP-1559 and EIP-3554. While EIP-3554 changed the difficulty bomb, EIP-1559 changed Ethereum’s fee rate to a new scheme that makes the crypto asset ether deflationary.

Essentially, fees are standardized and calculated based on network demand, as a transaction pricing mechanism introduces a base fee for every block found on the network. The remainder of the fees will be burned and ether proponents assume this will significantly reduce the overall supply of ethereum. As of today, September 16, 2021, the Ethereum network has burned 303,681 ether worth over $1 billion using Thursday’s ether exchange rates.

Opensea Still Largest Burner, Stablecoin Transfers Add to the Burn Pile


The biggest burners in the network are people transferring ether from one address to another and decentralized applications (dapps) and decentralized finance (defi) platforms as well. The largest ether burner today is the non-fungible token (NFT) marketplace Opensea as Dune Analytics stats show the market has burned 42,991 ether worth $146.1 million today. Opensea is followed by traditional ether transfers which have added 25,514 ether to the burn pile.

Uniswap V2 and the stablecoin project Tether (USDT) command the third and fourth positions in terms of the top ether burners. To date, the second version of the Uniswap decentralized exchange (dex) has burned 16,665 ether worth $55.8K. Tether’s stablecoin USDT has added 15,015 ether to the burn pile as it is responsible for burning $51 million. Other top burners include Axie Infinity, Uniswap V3, Metamask, the stablecoin project USDC, and Opensea’s registry.

What do you think about the 303,681 ether worth over $1 billion burned? Let us know what you think about this subject in the comments section below.

Ethereum Burns $432 Million ETH — Ether Burned Could Buy 2,000 Medium-Sized Homes

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Ethereum Burns $429 Million ETH — Ether Burned Could Buy 2,000 Median-Sized Homes

Approximately 25 days ago, the Ethereum blockchain implemented the London hard fork and a number of features were added to the ruleset. One of the most anticipated changes was EIP-1559 which makes the crypto asset ether deflationary by burning a fraction of coins. Since August 5, over $432 million worth of ether has been burned, and at the time of writing, 136,606 ether has been burned.

Over $432 Million in Ethereum Burned

The Ethereum (ETH) blockchain is the second most valuable crypto market in terms of market valuation. Out of the $2.14 trillion market capitalization of all the coins in the crypto economy, ethereum’s overall market valuation is $374 billion or 17.5% of the entire crypto economy.

25 days ago, ETH saw a successful London upgrade and ether has gained 29.7% this month. However, the Ethereum chain had a hiccup this past week when the chain split and ether gas fees doubled in value week-over-week.

Ethereum Burns $432 Million ETH — Ether Burned Could Buy 2,000 Medium-Sized Homes

The EIP-1559 feature makes it so the network follows a different transaction pricing mechanism that introduces a base fee for every block found on the network. Essentially, the remainder of the fees are burned and people assume that over time, this will significantly reduce the overall supply of ethereum in circulation. At the time of writing, the Ethereum network has burned approximately 136,606 ether worth $432,200,652 using current ether exchange rates.

$400 Million Can Buy a Sports Team, 2,000 Homes, 10 of the World’s Most Expensive Sports Cars

To put the amount of ether burned into perspective, $400 million could purchase a whole sports team in the NBA or NFL, and a dozen NHL teams. $400 million could buy a trip to space and it can also purchase ten of the world’s most expensive automobiles.

Just for kicks, a person with $400 million could purchase 2,000 medium-sized homes for $200K per house. In addition to the 135K ether burned since the upgrade, there are numerous Ethereum-compatible platforms like Opensea and Uniswap that are the ecosystem’s biggest ETH burners.

The non-fungible token (NFT) marketplace Opensea commands the most ethereum burned to date with 2.2 million ether transactions and 21,105 ether burned. Statistics from Dune Analytics indicate that “ether transfers” make up the second-largest burning entity with 10 million transfers but only 10,845 ETH burned.

Opensea and ether transfers are followed by platforms like Uniswap V2, Tether, Axie Infinity, Uniswap V3, Metamask, and the stablecoin project USDC. The Opensea registry, 1inch, Sushiswap, and MEV bot have burned a significant amount of ether as well since August 5.

What do you think about all the ethereum that has been burned so far? Let us know what you think about this subject in the comments section below.

Ethereum’s Vitalik Buterin Says EIP 1559 ‘Most Important Part of London,’ Network Is Burning $16K in ETH per Minute

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The Ethereum blockchain has completed the highly anticipated London upgrade on Thursday and ether fans have been discussing the protocol’s burn rate with great fervor following the fork.

5.9 Ether Is Burned Every Minute, Vitalik Buterin ‘Confident’ About the future after London

At press time, Ethereum is burning 5.9 ether per minute or $16.8K using today’s exchange rates against the U.S. dollar. Meanwhile, in a recent interview from Singapore, Ethereum’s co-founder Vitalik Buterin said the Ethereum Improvement Proposal (EIP) “1559 is definitely the most important part of London.”

On Thursday morning around 8:30 a.m. (EDT) on August 5, the long-awaited Ethereum London hard fork took place and the blockchain was successfully upgraded. The community was ecstatic, to say the least, and on Twitter, terms like “ethereum” and “EIP1559” started trending.

Of course, the most topical conversation about the London upgrade was EIP-1559: The fee market change for ETH 1.0 chain. The EIP essentially changes the algorithm tethered to the base fee per gas in the protocol and it burns the base fee per gas.

There are numerous websites where ether fans can watch the burn rate stemming from the latest EIP-1559 ruleset change. At the time of writing, more than $16K or 5.90 ETH is burned by this mechanism every minute. On the low end of the spectrum, the burn rate has been around $8,103 or 2.78 ETH per minute. Ethereum evangelists like this concept because they believe it will essentially make the crypto asset deflationary over time.

Vitalik Buterin spoke about the London upgrade with Bloomberg from Singapore and told the finance reporter Matthew Leising he was “confident” about the future after London. “Now it gets much easier to send a transaction that will get included in the next block and that’s very important to user experience,” Buterin said.

Gas Fees Spiked, Ether Jumps Over 16% This Week

However, on the downside, ETH users did notice that the average ETH transaction fee jumped following the fork. For instance, on August 2, the average fee was around $8.39 per transaction but on Friday following the upgrade, the average ether gas fee is $14.60. Since the London upgrade was activated, Ethereum’s fee burn rate and the rising gas fees have taken over the conversations. A decent number of people are also talking about ETH’s current market rally as well.

Ethereum (ETH) is up over 3% today and 17.55% over the last seven days. Against the leading crypto asset bitcoin (BTC) during the week ETH has rallied 16.50%. Pitted against the U.S. dollar, ethereum has jumped 24% over the last month, and trailing 12-month stats show ETH has captured triple-digit gains (628.27%).

What do you think about the London hard fork, the recent fee spike, and Ethereum’s fee burn rate? Let us know what you think about this subject in the comments section below.