More Than 3.46 Million Ethereum Burned Post London Hard Fork

Time Stamp: July 16, 2023 4:12 PM
Source Node: 2173416
  • At the current ETH exchange rate, the total value of the destroyed ether is $6.68 billion.
  • More than 230,000 ether has been burnt in NFT transactions on Opensea.

It’s been almost two years since the London hard fork, which saw the deployment of EIP 1559. As a result of this major update, the base fee component of a transaction fee on the Ethereum network is being consumed constantly, 24 hours a day.

Statistics show that after the London hard fork, more than 3.46 million ether have been burned. At the current ETH exchange rate, the total value of the destroyed ether is $6.68 billion. Since EIP-1559 went into force, this amounts to almost 146,000 ether being destroyed per month, on average.

Diversified Sources 

Ethereum’s deflationary strategy, wherein the total amount of ETH is gradually reduced, was made possible via EIP-1559. The majority of the Ethereum decrease, equivalent to almost 300,000 ETH, may be attributed to regular ETH transfers. More than 230,000 ether has been burnt in NFT transactions on Opensea, while about 200,000 ether has been burned by Uniswap v2.

More than 150,000 ETH have burned in Tether transactions, while more than 200,000 ETH have been destroyed between Uniswap versions 3 and 1. There are around $232.53 billion worth of ETH distributed across 120,201,621 accounts.

Since EIP-1559 went into effect, little more than 3 million ether have been created. Since The Merge on September 15, 2022, when the Ethereum network switched from a PoW blockchain to a PoS blockchain, 304 days have passed.

The network would have produced 6.5 million ether if the Merge never happened. There are now 120 million ETH in circulation; this number would increase by 9.9 million if the chain stuck to a PoW approach and refused to apply EIP-1559.

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