Over 2 Million Ethereum Burnt Since EIP-1559’s Inception

Ashish Kumar
March 21, 2022
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Ethereum Gas Guzzlers

In a major boost to Ethereum (ETH), EIP-1559 has burnt over 2 million ETH since its inception. This also means that over $5.7 billion worth of ETH tokens now have been sent to the unknown dead wallet since August 2021. The second-largest cryptocurrency has registered a surge of over 12% in the past 7 days.

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Over 6 ETH tokens burnt every minute

As per Watch the Burn, an ETH burn tracker, EIP-1559 has destroyed 2,001,406 ETH tokens from circulation forever. The data depicts that the net reduction value has been maintained at 65.15%. As per the UltraSoundAwakening, over 6 ETH coin is burnt every minute by the Ethereum. Meanwhile, 133,967 Ethereum coins (worth approx $389 million) have been burnt by the mechanism in the last month.

Source: watch-the-burn

Ethereum EIP-1559 is the technical name for the burning mechanism. It was successfully launched on August 4th, 2021. This is the ‘Ethereum Improvement Proposal’ to make changes to the transaction fee system.

EIP-1559 got rid of the first-price auction which was a major source of transaction fees and replaced it with the base fee model where the fee is changed dynamically based on network activity.

ETH is trading at an average price of $2,919, at the press time. The token is marginally up by around 2% in the past 24 hours. While its 24-hour trading volume of $15,023,137,459 registered a jump of 20%. As per CoinMarketCap, Ethereum is the world’s largest cryptocurrency with a total market capitalization of over $350.5 billion.

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Vitalik introduces EIP-4844

Vitalik Buterin, Ethereum co-founder, talked about EIP-4844 aka proto-danksharding. It is the new sharding design proposed for Ethereum introducing some significant simplifications compared to previous designs.

As per Vitalik, the main innovation introduced by Danksharding is the merged fee market: instead of there being a fixed number of shards that each have distinct blocks and distinct block proposers, in Danksharding there is only one proposer that chooses all transactions and all data that go into that slot.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.