One million ETH worth have been burned since the implementation of EIP-1559 in August
Cointelegraph
Published Nov 24, 2021 01:45PM ET
Updated Nov 24, 2021 03:20PM ET
In a Twitter (NYSE:TWTR) post published Wednesday, blockchain research firm CryptoRank revealed that over 1 million Ether (ETH) (worth $4.24 billion) had been burned since the introduction of the EIP-1559 protocol in August as part of the London hard fork. The EIP-1559 protocol reformed the Ethereum fee market, modifying the limit for gas fees and introducing a burn feature that takes a portion of transaction fees on the blockchain out of circulation, to be canceled permanently.
Notable decentralized applications responsible for token burn contributions include popular nonfungible tokens, or NFTs, platform OpenSea.io and play-to-earn NFTs game Axie Infinity. Next, transaction volume from decentralized exchanges such as Uniswap, 1inch, and Sushiswap made up a large portion of ETH burns. ETH is also burned during transfers from stablecoins like Tether (USDT) and USD Coin (USDC) built on the Ethereum blockchain. Lastly, wallet users in MetaMask and those making regular ETH transactions also contributed to the network activity.
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Written By: Cointelegraph
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