#Ethereum Reached 3 Million #ETH Burnt, Bringing A Total Value Of More Than $9.1 Billion

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#Ethereum Reached 3 Million #ETH Burnt, Bringing A Total Value Of More Than $9.1 Billion

After 1.5 years of implementing the EIP-1559 coin burning mechanism, the Ethereum network reached a new milestone with 3 million ETH burned.

According to statistics from, the Ethereum network in the early hours of March 15 has hit 3 million ETH burnt by EIP-1559. With the current market price of ETH of $1,710, the total quantity of Ether is worth more than $9.1 billion.

EIP-1559 is a special mechanism introduced by Ethereum in August 2021. This mechanism will set a common fee called base fee that applies to all transactions on Ethereum, instead of leaving users free to set fees – something that in the past caused ETH gas fees to always “build up”. During peak times. As a result, EIP-1559 helps to stabilize fees and makes it easier for users to predict gas fee fluctuations, as well as having the option to pay a priority fee for transaction validators to assist transactions. performed better.

The most significant change in EIP-1559 is that it will burn the whole base fee in order to put deflationary pressure on the platform. Since EIP-1559 on November 24, 2021, Ethereum has burnt 1 million ETH, 2 million ETH on March 21, 2022, and 3 million ETH on March 15, 2023. It can be observed that the space between the burns of 1 million ETH is steadily rising, which correlates to a drop in activity on the Ethereum network as the crypto market plunges in 2022.

#Ethereum Reached 3 Million #ETH Burnt, Bringing A Total Value Of More Than $9.1 Billion

The circulating quantity of ETH on Ethereum is presently 64,300 coins smaller than when The Merge upgrade was deployed in September 2022, thanks to EIP-1559. When combined with the decline in Proof-of-Stake and EIP-1559 transaction verification rewards, Ether’s annual deflation is 0.108 percent per year.

If Proof-of-Work is still used, Ethereum will have an annual coin inflation rate of up to 3,423%, with about 2 million ETH newly distributed to the market. The activities that consume the most fees since the launch of EIP-1559 to date include transfers of ETH, stablecoin USDT and USDC; trading on DEX Uniswap and MetaMask wallet; and NFT transactions through OpenSea.

Since August 2021, Ethereum applications have consumed the most fees. Around 10:30 a.m. on March 15, 2023, a screenshot of was taken. After the popularity and influence of EIP-1559 on Ethereum, other blockchain projects, such as EIP-1559 on Polygon and BEP-95 on BNB Chain, began similar efforts.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.


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