The whole quantity of ether (ETH) burned by EIP-1559 has to date surpassed 214,000. NFT marketplace OpenSea has burned the highest amount of ether since EIP-1559 went live, whereas DeFi yield farming protocol, Uniswap (UNI) has burned practically 1k ETH prior to now 24-hours alone.
Over 200k ETH Burned
Regardless of preliminary criticisms from Ethereum miners, the Ethereum Enchancment Proposal 1559 went stay alongside the London replace earlier in August and since that point, the controversial feature has been slashing the Ether supply like never before.
In response to Ethburned.information, a platform that retains information of the quantity of ETH tokens burned in real-time, a total of 214,559.37 ETH ($722.80 million) has been burned since the implementation of EIP-1559.
What’s extra, Ethburned has revealed that about 395.74 to 400 ETH (over $1.5 million) is burned every hour.
As seen on Ultrasound.money, non-fungible token marketplace, OpenSea still accounts for the highest number of burned ETH, with a total of 33,347.19 ether burned via the platform so far. Different Ethereum-powered protocols which have additionally burned massive quantities of ETH embody Uniswap (18,523.03 ETH), Tether (10,490.99), Axie Infinity (7,821.26), USD Coin (3,694.69), Metamask (3,861.78), and 1inch V3 (2,312.79 ETH).
Ether Rapidly Becoming Ultrasound Money
For the uninitiated, EIP-1559 was introduced by the Ethereum development team to make gas fees more predictable. With EIP-1559, extra fuel charges are routinely burned, as a substitute of sending them to the miners, thereby slashing the Ethereum provide over time.
While gas fees are still very much on the high side, with the average Ethereum gas price currently sitting around 116.33, the entire transition of the community from proof-of-work to the proof-of-stake (PoS) consensus algorithm by way of the Eth2.0 improve is anticipated to convey a plethora of advantages to Ethereum, including reduced transaction fees.
In the identical vein, consultants have predicted that the continual burning of ether would make it ultrasound cash prior to later and put it in the identical class as bitcoin (BTC), a true hedge against inflation.
“EIP-1559 launched a vital change to the financial coverage of Ethereum. When you combine this with EIP-3675, which switches the network to PoS, Ethereum will become deflationary. If bitcoin is sound cash due to the 21 million provide ceiling, ETH is ultrasound cash as a result of there isn’t a provide flooring,” declared Shark tank’s Kevin O’Leary earlier in August.
At press time, ether (ETH) is exchanging fingers for $3,940, with a market cap of $461.60 billion, based on CoinMarketCap.