Ethereum network burned around 2 million ETH following activation of EIP-1559
This has led to ETH becoming more deflationary than BTC
14.03.2022 - 14:15
264
1 min
0
What’s new? The Ethereum (ETH) network has burned 1, 975, 885 ETH since the EIP-1559 upgrade was added on August 5, 2021. 2 million ETH is $5 billion, at the exchange rate on March 14. The daily burn rate is 1,77 ETH per minute, or $4 555, according to the Ultrasound service.
What is EIP-1559? The Ethereum Improvement Proposal (EIP) is a proposal to improve ETH. EIP-1559 is one of the components of the London upgrade. Before the London upgrade, the fee in ETH was formed on the auction principle. Miners have always added to the blocks and confirmed those transactions whose initiators make a higher fee. The users had to pay fees to the miners to conduct fast trading operations. After the EIP-1559 upgrade, some of the fees started to be burned, leading to the deflation of ETH.
What preceded it? In December 2021, Ethereum co-founder Vitalik Buterin introduced the EIP-4488 upgrade, designed to reduce the gas cost for Calldata transactions and add a cap on the amount of the shared transaction data per block. However, the blockchain developers opposed it, arguing that the new network upgrade may lead to a drop in the rollup transactions, resulting in users paying even more.
Useful material?
Telegram 
Twitter Technologies
Network fees will be integrated into the cost of swaps
Nov 22, 2024
Market
The company’s unrealized profits from investing in its first cryptocurrency approached $14 billion
Nov 19, 2024
Incidents
The search, the reason for which was not announced, took place a week after the election, the results of which Polymarket users predicted quite accurately
Nov 14, 2024
Market
Analysts point to the growing popularity of the first cryptocurrency as a safe haven asset
Nov 13, 2024
Market
The product will begin trading on the Swiss Exchange on November 19
Nov 12, 2024
Market
The company’s unrealized profits from investing in the first cryptocurrency approached $13 billion
Nov 12, 2024
Cryptocurrency rates
-
Bitcoin
$99 019
BTC
+2.04%
-
Ethereum
$3 313.61
ETH
-0.24%
-
BNB Smart Chain
$579.4
BSC
+1.23%
-
Ripple
$1.48
XRP
+32.73%
-
Dogecoin
$0.405154
DOGE
+5.9%
-
Cardano
$0.968807
ADA
+22.88%
-
Bitcoin Cash
$488.37
BCH
+1.63%
-
Polkadot
$6.31
DOT
+9.03%
-
Stellar XLM
$0.29929
XLM
+25.89%
-
Litecoin
$90.44
LTC
+2.73%