Over 1 Billlion ETH Has Been Burned Since Ethereum EIP-1559

HeadlinesNewsOver 1 Billlion ETH Has Been Burned Since Ethereum EIP-1559

Share

Over 1 Billlion ETH Has Been Burned Since Ethereum EIP-1559

NewsBTC11 days ago
Published on November 25, 2021 23:00 GMT+00:00edited on November 26, 2021 06:34 GMT+00:00

Share

The Ethereum network has been burning ETH since the EIP-1559 first went into effect in early August. Since then, a portion of fees has been continuously burned, taking a large portion of the digital asset out of circulation. This hard fork had been implemented to combat the inflationary nature of Ethereum and it has been successful as countless blocks have been deflationary since the hard fork took place.

ETH Burned Clocks 1 Billion

The amount of ETH burned has risen along with fees on the network. Increased network usage had caused transactions costs on Ethereum to skyrocket and since EIP-1559 was implemented to burn a third of all fees, a higher volume of ETH has been constantly taken out of circulation. The number had quickly hit 1 million ETH, then 10 million, and by 100 million, the …