Wednesday, February 21

Over 1 million ETH burned since the last update! So the count goes …

As the months of 2021 progressed, and after the last hard-fork was implemented in Ethereum, many currencies were “destroyed”. More than 1.2 million ETH has been burned to date, in a process that continues as different platforms participate.

Hard-fork progress

In the last months of this year, there was considerable progress in terms of the update that Ethereum received. Changes made to blockchain instructions permitieron the development of a burning of coins that to date is active.

As the process progresses, different platforms linked to the main blockchain contribute their portions of destroyed ETH. Between the arrival of this improvement and today, more than 1.2 million coins were burned. This, in operations that can now vary in the initial gas rate.

The new feature allows the gas to be adjusted, depending on the flow that each block in the chain specifies. In this way, and with various commissions, the result is the constant burning of ETH, while the base fee is discarded.

With the arrival of the EIP-1559 update of the latest ‘London’ hard fork, about $ 5MM worth of Ethereum has been destroyed. This, according to the market price at the time of this publication.

All contribute

Since August 5 (when the hard-fork was implemented), the process has maintained its course without apparent setbacks. Added to this, different environments that use the Ethereum blockchain destroy portions of coins in each transaction.

By starting this procedure, digital assets that benefit from the ecosystem continue to create the necessary interactions. Each exchange uses the new rules imposed, thus contributing to the scenario where thousands of ETH were burned, by each platform.

Consistent with the progress of the hard-fork, one of the sectors that most contributes operations for the destruction of coins is that of the NFTs. The non-fungible tokens generated a scenario of high participation of new investors, bringing with it more burns in the fees.

On the other hand, platforms such as Uniswap, MetaMask, Tether, and even the game Axie Infinity, have contributed to the update. From this point of view, NFT’s largest market, OpenSea, has generated the most coin destructions, with close to $ 500M.