Since the London hard fork was implemented on August 5th, Ethereum’s on-chain tracking tool Etherchain shows that hundreds of thousands of ETH have been destroyed on the leading smart contract platform.
In the London hard fork, the Ethereum Improvement Proposal(EIP) 1559 was implemented, which introduced a fee-burning protocol to Ethereum that permanently burns a certain amount of ETH from the circulating supply each time a transaction is processed.
According to Etherchain, Ethereum has burned 10.04 ETH worth $43,484 every minute over the last 24 hours. The blockchain has already burned 698,903.60 ETH, equivalent to $3.02 billion at time of writing.
The Ethereum supply-tracking site Ultrasound.money is also keeping an eye on the amount of ETH burned in real-time, putting a spotlight on platforms where the biggest transactions have originated.
Based on the Ethereum monitoring tool, it appears that non-fungible token (NFT) marketplace OpenSea is responsible for burning the most ETH, torching 91,059.08 worth over $394 million at the time of writing.
Decentralized exchange (DEX) Uniswap (version 2) is also ranked on the burn leaderboard with over $220 million in ETH worth 50,964 ETH. On the list is also the blockchain-based video game Axie Infinity, which burned 14,220 ETH, worth $61.58 million.
Ethereum is currently exchanging hands at $4,331.15, up 12.4% in the last seven days, according to CoinGecko.
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Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.
