In Brief:
- Over 1 million ETH has been burned by EIP-1559.
- Currently, the value of the ETH burned is around $4.3 billion.
- The burn rate is currently 8.02 ETH/min.
According to data from WatchTheBurn, a website that tracks the transaction fee burning process, the Ethereum network has burned over 1 million ETH since the London hard fork that introduced the fee burning mechanism.
The overall worth of the total ETH destroyed so far is currently above $4.3 billion, based on the current price of ether. According to Ultrasound.money, the current burn rate is 8.02 ETH/min and up to 11,572 ETH is burned each day.
The Ethereum Improvement Proposal 1559 (EIP-1559) was launched in August as part of the London hard fork, and it split transaction costs into two parts: a basic cost and a priority charge. The former is destroyed, while the latter is given to miners as a sort of payment.
EIP-1559 was created with the goal to make evaluating transaction costs as simple as possible. Because underestimating fees can result in transactions being cancelled and monies being wasted, the goal was to make transactions more dependable. It’s also useful when there’s a lot of demand.
EIP-1559 was also developed to put downward pressure on the ETH supply by consuming the network’s basic fee and ultimately lowering the amount of inflation on the network. Â
