Ethereum Burns 3.46 Million Ether in 710 Days: The Good and the Bad
Here’s the breakdown of the key points:
- Over 3.46 million ether has been burned since the London hard fork, worth $6.68 billion.
- EIP-1559 has led to a monthly average burn of more than 146,000 ether.
- Regular ETH transfers have contributed the most to the reduction, burning nearly 300,000 ETH.
- Opensea’s NFT transactions have witnessed over 230,000 ether burned.
- Transactions involving Tether have wiped out over 150,000 ETH.
Since the implementation of EIP-1559, a little over 3 million ethereum has been minted. If the network had not transitioned to a proof-of-stake model and implemented EIP-1559, an additional 9.9 million ETH would be in circulation.
Your Hot Take
The continuous burn of ether on the Ethereum network is both good and bad news. On one hand, it has led to a deflationary technique, steadily diminishing the total ETH supply. On the other hand, it means that a significant amount of ether is being destroyed. However, this reduction in supply could potentially drive up the value of remaining ether, benefiting holders in the long run.
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