The 702,886 Ethereum (ETH) that has been burned to date is worth roughly $2.476 billion using exchange rates on October 31.
700,000 Ethereum Burned Since the London Hard Fork
Data from Dune Analytics indicates that on October 31, 2021, 702,886 ETH has been burned. The burning of ETH started on August 5, 2021, when the Ethereum network successfully implemented the London Hard Fork upgrade and EIP-1559.
At the time, the London hard fork upgrade included roughly five different changes. But the most transformative were EIP-1559 and EIP-3554. While EIP-3554 changed the ETH network’s difficulty bomb, EIP-1559 changed Ethereum’s fee rate to a new scheme that makes the crypto asset ether deflationary.
Recently, Ethereum implemented an Altair upgrade that helps streamline the consensus process from Proof of Work (PoW) to Proof of Stake (PoS). After Altair was implemented, ETH benefited from an all-time high (ATH) two days ago. For example, on October 29, reaching $4,467 per ether.
The 702,886 Ethereum (ETH) that has been burned to date is worth roughly $2.476 billion using exchange rates on October 31.
Ethereum 2.0 Altair Beacon Chain
Since July, ETH has also received significant upgrades, such as the London Hard Fork. As part of the network’s fee structure, this update added a deflationary burning mechanism to the asset.
Ethereum 2.0 Altair Beacon Chain update had a successful start, with 98.7% of the nodes upgraded at the time. This marked an important step towards the Merge, the transition to a proof-of-stake consensus mechanism.
Fast forward to now, ETH and its burning mechanism have come a long way amidst the latest update. According to Etherchain, Ethereum burned 10.06 ETH worth $42,895 every minute over the last 24 hours. Overall, it torched around 702,886 ETH.
Different related platforms have showcased the identical narrative. As an illustration, Ultrasound.money, an ETH supply-tracking website inferred the next insights. The Non-fungible token (NFT) market OpenSea is accountable for burning essentially the most ETH. Torching 91,172 ETH value over $398 million.
