Since London activation, Ethereum has burned nearly $100 million worth of ETH

About a week ago in the Ethereum network the London upgrade was activated, part of which is EIP-1559, envisaging burning a portion of transaction fees. During that period the protocol has burned more than 31,500 ETH (~$98.3 million at the time of writing).

Each minute the protocol burns about 3.24 ETH (~$10,115). NFT-marketplace OpenSea led the list of platforms by the amount of burned coins (3,971 ETH). Following are the decentralized exchange Uniswap V2 (2,373 ETH) and the game Axie Infinity (1,837 ETH).

Against the deflationary pressure that burning exerts on Ethereum’s supply, the second cryptocurrency’s price breached the $3,100 mark for the first time since May . Over the last week the coin has risen more than 14%, according to CoinGecko.

As of writing, Ethereum is trading near the $3,120 mark.

Overnight on August 11, Ethereum network gas price briefly rose to 800 Gwei. A day earlier the cross-chain protocol Poly Network was subjected to an attack on the Ethereum, Binance Smart Chain and Polygon blockchains. Total damage amounted to $611 million in various cryptocurrencies.

Due to increased network load, the protocol burned more coins than it issued. The ETH Burn service registered a case where 945 ETH were burned in an hour — the issuance for the same period stood at 528 ETH.

945.1184 $ETH burned 🔥🔥🔥 last hour.

Issuance: 528.0000 ETH
Net Change: -417.1184 ETH
Annualized: -3.12% 📉

2021-08-10 22:00-23:00 UTC
Last Block: 13000300
Cumulative 🔥: 24,942.1282 ETH

— ETH Burn 🔥 Bot 🦇🔊 (@ethburnbot) August 10, 2021

According to consulting firm Carbono, over the week the blockchain generated 1,046 deflationary blocks. The latter are defined as blocks where the number of burned coins exceeds the number of ETH mined.

Earlier, according to experts at the mining firm Compass, due to the activation of London Ethereum miners’ revenues would fall by 20–30%.

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