Thursday, October 6, 2022
HomeAltcoins NewsEthereum network burned over 710,000 ETH

Ethereum network burned over 710,000 ETH

In 87 days, the Ethereum network carried out the Hard Fork London update. And since then, more than 710,000 ETH has been burned, more than $ 2.5 billion.

However, the amount runs into billions of dollars. For example, journalist Wu Blockchain said: “According to OKlink, the amount of ETH burned on October 31 reached 697,591, which is more than 3 billion US dollars.”

According to OKlink’s report: “The current burning rate of Ethereum is around 5 ETH/min, and the average burning value of a single block remains above 1.1 ETH.”

Furthermore, “The new annual supply of Ethereum is 5 million, which means that at the current burning rate, more than 50% of the new supply is burned. If ETH 1.0 and ETH 2.0 are successfully merged, Ethereum may move towards deflation.”

More than 710,000 ETH burned

According to Dune Analytics data, on October 31, 702,886 ETH was burned. In fact, the burning of Ethereum began on August 5, 2021, when the Ethereum network implemented the Hard Fork London update and EIP-1559.

At that time, the Hard Fork London update included roughly five different changes. But, the most transformative were EIP-1559 and EIP-3554.

So far, the biggest ETH burner today is OpenSea’s non-fungible token market (NFT), which has burned 91,865 ETH.

However, Uniswap V2 burned 53,133 ETH, making it the third largest burner today.

Classification table.  Source:
Classification table. Source:

Altair update rolled out

Ethereum recently rolled out the Altair update. Which helps facilitate the consensus process from Proof of Work (PoW) to Proof of Stake (PoS).

Specifically, the Ethereum 2.0 Altair Beacon Chain update got off to a celebrated start, with 98.7% of nodes updated at the time. In fact, it marked a step towards Fusion.

Very importantly, Ethereum is on the way to become a much faster, safer, more efficient and greener Blockchain. And the Altair update is part of this transformation and evolution process. 

In this regard, Tim Beiko, Ethereum developer said: “Altair will allow developers to test new functions on the network. And then ensure that the merger between Ethereum and Ethereum 2.0 runs smoothly.”

By the way, according to the roadmap, the merger is scheduled for the first half of 2022.

I close with this phrase from Perry Kaufman: “If you do not execute all the signals of the trading system, do not expect to get the results of the system.”

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