70K ETH burned by EIP-1559: report

Approximately 70,000 ETH were burned by the EIP-1559 upgrade as the network pulled $ 221 million out of circulation. So let’s read more about the report in our Ethereum News today.

Ethereum’s developers made a change to the network that burns gas fees instead of passing them on to the miners. $ 221 million worth of ETH, or 70,000 ETH, has already been burned since the change. The network has been on fire since the EIP-1559 update went into effect, so the total amount of burned coins removed from circulation on the network exceeded 71,000 ETH, or $ 221.5 million. The upgrade that paid for transactions on the network, like swapping a coin on a decentralized exchange or transferring an NFT and EIP-1559, was one of five upgrades introduced on August 5th as part of the London Hard Fork.

Before EIP-1559, the network did not burn the tokens, but several ETH-based tokens such as Shiba-Inu burn tokens as part of monetary policy. Instead, the gas fees went to the ETH miners, which is a decentralized network of the powerful computer that keeps the network running. The network was used to determine the price of gas according to the laws of supply and demand, and EIP-1559 replaced this with a flat fee, barring exceptional congestion, as it cost 32 gwei to complete a simple transaction in 3 minutes at the time Writing.

The transaction cost is much higher for even more complicated transactions as it costs $ 8.80 to transfer a token on the NFT marketplaces. OpenSea, the largest NFT marketplace, is also the largest gas dispenser, responsible for 8750 ETH since the upgrade went into effect. OpenSea’s trading volume has skyrocketed since the CryptoPunks trading frenzy began on July 31st.

some miners, defi, eth, ethereum

Ethereum’s gas guzzling miners won’t be here long as the network will soon move to the proof-of-stake consensus mechanism that doesn’t require miners. When that goes into effect, ETH will rely on the stakers. Ethereum stakers verify transactions by pledging ETH to the 2.0 smart contract, and all stakers are rewarded with the newly minted ETH for securing the network, just like the miners at 1.0. According to Nansen’s data, the amount wagered on Etheruem exceeded 7 million ETH, valued at $ 22.9 billion.

DC Forecasts is a leader in many crypto news categories, strives for the highest journalistic standards and adheres to strict editorial guidelines. If you are interested in offering your expertise or contributing to our news website, please feel free to contact us at [email protected]


Share post on

Sonic BTC is reader-supported. When you buy through links on our site, we may earn an affiliate commission.

ETH competitor Solana hits ATH because the market continues to rise Ethereum

ETH competitor Solana hits ATH because the market continues to rise

ETH competitor Solana hit a new ATH and led the altcoin fee along with...

By wpadminsonic164
ProShares and VanEck are searching for withdrawal of Ethereum ETF filings from the SEC Ethereum

ProShares and VanEck are searching for withdrawal of Ethereum ETF filings from the SEC

The asset managers at ProShares and VanEck decided to file for the withdrawal of...

By wpadminsonic164
Ethereum’s EIP-1559 improve burned $ 400 million in ETH: report Ethereum

Ethereum’s EIP-1559 improve burned $ 400 million in ETH: report

Ethereum's EIP-1559 upgrade burned $ 400 million in ETH instead of handing it over...

By wpadminsonic164
Faux Banksy NFT bought for $ 338K in ETH, scammer returns the funds Ethereum

Faux Banksy NFT bought for $ 338K in ETH, scammer returns the funds

A fake Banksy NFT was sold for $ 338,000 in Ethereum when the scammer...

By wpadminsonic164
Kraken helps ETH 2.0 buyer groups along with 5 DeFi initiatives Ethereum

Kraken helps ETH 2.0 buyer groups along with 5 DeFi initiatives

Kraken is supporting ETH 2.0 customer teams among other five Defi projects with a...

By wpadminsonic164
ETH gained traction and could possibly be over $ 3,400.  rise Ethereum

ETH gained traction and could possibly be over $ 3,400. rise

ETH gained traction and could soon rise above the USD 3400 price level as...

By wpadminsonic164
ETH battles for $ 3,000 whereas Bitcoin battles under $ 45,000: evaluation Ethereum

ETH battles for $ 3,000 whereas Bitcoin battles under $ 45,000: evaluation

ETH is battling for $ 3,000 again as it is down a similar percentage...

By wpadminsonic164
Ethereum Blockchain was cut up once more as a consequence of a bug within the Geth software program consumer Ethereum

Ethereum Blockchain was cut up once more as a consequence of a bug within the Geth software program consumer

The Ethereum blockchain split again due to a bug in the GETH software client...

By wpadminsonic164

Latest Posts

Binance

Bitcoin (BTC) – Aug 29 for BINANCE: BTCUSDT By ReadCrypto – Todayuknews – Todayuknews

Hello? Welcome dealer. With "Follow" you will always receive new information quickly. Please also...

By wpadminsonic164
Binance Coin Worth Prediction: BNB Should Break That Barrier To 35% Earnings – FXStreet Binance

Binance Coin Worth Prediction: BNB Should Break That Barrier To 35% Earnings – FXStreet

The price of Binance Coin has been consolidating for almost two weeks with no...

By wpadminsonic164
Corporations with 100,000 wealth managers can now put money into Bitcoin via the NYDIG partnership Bitcoin

Corporations with 100,000 wealth managers can now put money into Bitcoin via the NYDIG partnership

SIMON Markets LLC has partnered with New York Digital Investment Group LLC (NYDIG) to...

By wpadminsonic164
Nikki Tamboli in Rs 4k sundress with polka dots seems ultra-glamorous.  See footage – India right this moment Polkadot

Nikki Tamboli in Rs 4k sundress with polka dots seems ultra-glamorous. See footage – India right this moment

Nikki Tamboli took to Instagram to share her photos in a black and white...

By wpadminsonic164
They assist quick sellers after they earn curiosity on bitcoin Bitcoin

They assist quick sellers after they earn curiosity on bitcoin

Why do institutes issue interest-related payments on your Bitcoin deposits?The only reason is that...

By wpadminsonic164
Cardano plans to showcase expertise throughout the African continent after Ethiopia deal – The Each day Hodl Cardano

Cardano plans to showcase expertise throughout the African continent after Ethiopia deal – The Each day Hodl

The Director of African Operations at Input Output (IOHK) outlines the team's plan to...

By wpadminsonic164
ALERT!!🚨SHOCK BITCOIN MOVE!! I'M BUYING ETHEREUM!!! CRYPTO NEWS & ALTCOIN PRICE TARGETS!! Videos

ALERT!!🚨SHOCK BITCOIN MOVE!! I'M BUYING ETHEREUM!!! CRYPTO NEWS & ALTCOIN PRICE TARGETS!!

URGENT!!! BITCOIN SHOCK MOVE!! WILL CRYPTO MARKETS CRASH AGAIN?!!!! NEW BITCOIN PRICE TARGET!! MICROSTRATEGY...

By wpadminsonic164
Cardano (ADA) cooperates with a college in Luxembourg to make training in Africa extra accessible »Crypto Insiders – Aviation Evaluation Wing Cardano

Cardano (ADA) cooperates with a college in Luxembourg to make training in Africa extra accessible »Crypto Insiders – Aviation Evaluation Wing

Input Output Hong Kong (IOHK), behind the team Cardano (ADA), She has recently announced...

By wpadminsonic164