The Second Largest Crypto Network Records $5.8 Billion Burned In just 7 months, 2 million ethereum were destroyed.
The Ethereum network's burn rate hit a new high this week, surpassing 2 million ethereum worth $5.81 billion burned since August 5, 2021. Metrics show the crypto network burns 1.74 ether every minute every 24 hours, equating to about $5K worth of ether destroyed every 60 seconds.
Every minute, more than $5K of Ethereum is destroyed, resulting in the burning of 2 million Ethereum.
The Ethereum (ETH) network has gone through a lot of changes in the last year, and on August 5, 2021, the Ethereum Improvement Proposal (EIP) 1559 was deployed.
Since then, the network has been rapidly depleting ether, thanks to EIP-1559's transformation of the protocol's algorithm tethered to the base fee per gas, which now burns the base charge per gas. The proposal appeals to Ethereum supporters since it reduces the supply of the cryptocurrency network.
At the time of writing, Ethereum has destroyed approximately 2,001,495.6 ETH since the implementation of EIP-1559 on August 5. The amount of ethereum burned on March 21, 2022, is comparable to $5.81 billion in USD worth, based on current exchange rates.
Despite the fact that more than 2 million ether has been burned, the average burn pace per day has been 1.74 ether per minute, or nearly $5,059.05 per minute at current ether conversion rates. The network burns 1.51 ETH every minute, according to hourly burn rates.
Opensea, a non-fungible token (NFT) marketplace, was the largest ether burner on March 21, destroying 229,922 ether valued at $790 million. The second-largest burner is everyday ethereum transactions, with ETH transfers destroying 185,920 ether worth $674 million at today's ETH exchange prices.
With 126,576 ether burned, the decentralised exchange (dex) platform Uniswap v2 is the third-largest burner, while tether (USDT) transactions are the fourth-largest burner with 92,325 ETH lost.
Swaprouter, Uniswap v3, Metamask, and the stablecoin USDC are among the other noteworthy burners. Against the US dollar, ethereum has gained 59 percent in the last 12 months and 13.6 percent in the last two weeks at the time of writing. Ethereum's $348 billion market cap represents 17.8% of the $1.9 trillion market capitalization of the 13,311 crypto assets in existence.
On Monday, the Ethereum network's average transaction fee was 0.0028 ETH, or $8.15 per transfer. On the Ethereum network, the current median transaction fee is 0.0012 ETH, or $3.60 per transaction.