On 3 September, Ethereum’s daily issuance first turned negative after the London hard fork activation. On Friday the supply of the second-largest cryptocurrency by market capitalization declined by about 353 ETH.
13,838.3717 $ETH burned 🔥🔥🔥🔥🔥 yesterday.
Issuance: 13,485.5000 ETH
Net Change: -352.8717 ETH
Annualized: -0.11% 📉2021-09-03 00:00-24:00 UTC
Last Block: 13155888Cumulative 🔥: 188,644.5521 ETH
— ETH Burn 🔥 Bot 🦇🔊 (@ethburnbot) September 4, 2021
According to ETH Burn data, the daily issuance amounted to about 13,485 ETH. Over the same period, the network burned 13,838 ETH.
As part of the London upgrade, which was activated on August 5, introduced EIP-1559, envisaging burning a portion of transaction fees. As of writing, 203,177 ETH had been burned, according to ultrasound.money. The value of these coins is estimated at $797.3 million.
The protocol burns about 4.56 ETH every minute. The largest burner by the amount of coins burned is the NFT marketplace OpenSea — the platform has burned more than 31,700 ETH (~$124.4 million). For comparison, the decentralized exchange Uniswap v2 burned 11,994 ETH (~$47 million).
Earlier there were instances where, on the hourly time frame, the protocol burned more coins than it issued.
Earlier, experts predicted that activation of EIP-1559 would reduce Ethereum miners’ revenue by 20-30%. However, in August their earnings rose by 60% to $1.65 billion.