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.
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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.
