Ethereum Network Burned-Over $2.4 Billion in ETH in 87 Days

Since the London Hard Fork, 702,886 Ethereum have been Burned

According to Dune Analytics, 702,886 ethereum (ETH) were destroyed on October 31, 2021, also known as Halloween. On August 5, 2021, the Ethereum community network successfully deployed the London hard fork update and EIP-1559, and the burning of ethereum began.

The London hard fork update featured about five separate modifications at the time, but the most transformational were EIP-1559 and EIP-3554.

Recently, Ethereum introduced the Altair update, which aids with the transition from proof-of-work (PoW) to proof-of-stake (PoS). Following the implementation of Altair, ethereum (ETH) reached an all-time high (ATH) two days ago on October 29, surpassing $4,467 per ether.

Using October 31 currency rates, the 702,886 ethereum (ETH) burnt to date is worth around $2.476 billion.

OpenSea is the Biggest Burner of ETH

OpenSea, a non-fungible token (NFT) marketplace, is today’s greatest ETH burner, having burned 91,171 ether. This is followed by ordinary ether transactions sent by daily consumers and organizations, totaling 63,441 ether burnt.

On Sunday, tether (USDT) is the fourth-largest burner on the network, while the stable coin USDC is the eighth-largest. Metamask, Axie Infinity, and the dex aggregator 1inch are among more major platforms and networks that contribute considerably to the ether burn rate.

However, bitinfocharts.com figures show that the average transaction cost on the ETH network is 0.012 ether, or $51.16. The Ethereum network costs documented by l2fees.info are significantly more moderate, at $10.21 per transaction. According to L2fees.info, moving Ethereum-based tokens costs $23.26 every transfer, while switching a token via a smart contract costs $51.05 per transaction.