Burning Ethereum Reaches 2.35 Million, OpenSea Burns The Most ETH

Massive Ethereum burning is back. (photo: doc. Unsplash)

JAKARTA – Ethereum developers stated that 2.35 million ETH had been burned since the London upgrade on August 5, 2021. The amount of Ether removed from circulation was worth 8.10 billion US dollars or around Rp. 118.8 trillion.

Ethereum founder Vitalik Buterin stated that it “is an important part of the [upgrade] London.”

Over the past 24 hours, 2,396 ether worth 4.63 million US dollars has been burned. On May 1, 2022, the network saw its largest daily burn rate ever with 71,718 ether worth $138.78 million. The second-highest daily record burn rate occurred on January 10, 2022, as 19,424 Ethereum worth about $37.5 million were destroyed that day.

The biggest Ethereum burner right now is Opensea because the NFT marketplace has burned more than 229,925 Ether from 14,639,327 transactions. The gas used for the ether transfer has burned a total of 207,072 ETH, and the Uniswap V2 has burned 131,457 Ether.

ETH transition from PoW to PoS

While the EIP 1559 London upgrade was a major protocol change, the next big change was when “The Merge” was implemented. At that time, Ethereum will transition to a proof-of-stake (PoS) network from the current proof-of-work (PoW) consensus algorithm.

Furthermore, at the recent Permissionless conference, Ethereum developer Preston Van Loon said the public could see The Merge implemented in August. Ethereum developer Tim Beiko also explained The Merge is likely to go live in the third quarter of 2022.

Furthermore, Beiko explained that he “strongly recommends” that miners do not invest in more mining rigs in the future, as summarized by VOI.id of Bitcoin.com News.