Burning Ethereum, How Much Ether Has Been Burned So Far?

Ethereum burns 12,000 ETH per minute (CoinGape)

JAKARTA – After Ethereum implemented the London hard fork a few weeks ago, the views of ETH investors were focused on one of its features, namely EIP-1559, which is one of the Ethereum update proposals for burning or burning ETH to pay transaction fee gas. This burning usually boosts the value of the crypto asset.

According to Bitcoin.com News, statistics from the past two weeks show the Ethereum network has burned 73,784 ETH. The amount is worth 230 million US dollars (equivalent to Rp. 3.3 trillion) based on the current currency value. The report is based on data from Dune Analytics on the number of Ethereums burned since the London upgrade on August 5.

Ethereum founder Vitalik Buterin himself believes in the future of ETH since the London hard fork was implemented. Buterin also called EIP-1559 the most important part in the London upgrade.

Previously, the Ethereum community was very enthusiastic about the EIP-1559 upgrade. Over the past few weeks they have observed the amount of Ether burned per day.

Dune Analytis also reports that the NFT marketplace OpenSea is one of the Ethereum-based protocols that played an important role in the fire. So far, OpenSea has burned around 9,121 ETH. In addition, a number of Uniswap V2 projects have also burned 5,365 ETH, while Axie Infinity burned 4,025 ETH, Tether around 3,733 ETH, and finally Uniswap V3 about 2,236 Ethereum.

Coupled with the Metamask digital wallet application which managed to burn a total of 1,405 Ethereum. USDC stable coin successfully burned 1,258 ETH. While the 1inch V3 already burned 991 ETH. There was also a so-called “unidentified entity” that burned 1,443 ETH. The latter is the sixth rank that plays a role in burning Ethereum. The Ethereum network burns as much as 12,000 ETH every minute.

As of this writing, Ethereum is trading at Rp.46,271,590. ETH has decreased 4.1 percent in the last 24 hours. The all-time high price (ATH) touched Rp62,254,168 on 12 May 2021. Meanwhile, Ethereum's all-time lowest price (ATL) was IDR 5,876 which occurred 6 years ago on October 20, 2015 as data from CoinGecko reports.