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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Crosses $5 Billion In ETH Burned As Momentum Picks Up

Best Owie
Best Owie
3 years ago
2 mins read
Ethereum burn

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Ethereum implemented the EIP-1559 in 2021 and since then, ETH has been burned every day. This upgrade has pushed the network towards becoming deflationary, taking more than 30% that would have gone straight into circulation and burning it. Now, only seven months after the upgrade was implemented, the network has reached another milestone of ETH burned in terms of dollar value.

Over $5 Billion In ETH Burned

On August 5th, the EIP-1559 officially went into effect. This came with much fanfare given the implications of such an improvement on the network. It has burned ETH since then and accelerated over the next few months as network activity rose due to the rise of the decentralized finance (DeFi) space. The burn had quickly surpassed $1 billion burned, and now seven months later, there have been over $5 billion worth of ETH burned.

Related Reading | Bitcoin Breaks Above $40K Again, But When Will Consolidation End?

This comes in light of the recent acceleration recorded over the last six months. In this time frame, the rate at which ETH is being burned is up 559%. The volume burned all comes from fees as the network has seen higher activity in recent times. The burn is important given that it permanently removes all of the burned coins from circulation. This means that since August 2021, more than 1,950,00 ETH have been removed from circulation.

At this accelerated rate, the network is seeing about 80 ETH burned every hour. This translates to more than $200K worth of ETH being burned every hour. The burn over the last seven months has since the net reduction reached as high as 67%.

Ethereum price chart from TradingView.com

ETH declines to $2,500 | Source: ETHUSD on TradingView.com

Ethereum planned to have 2.6 million ETH burned in the first year of the implementation and at the current rate, it looks like the network will actually be at this milestone long before August 2022.

Ethereum Heading Towards Consensus Layer

Ethereum’s move to the consensus layer (previously referred to as ETH 2.0) is growing closer by the day. The final merge is expected to take place sometime in the middle of 2022, leaving only a few months until the estimated time of launch. This will put the network on a completely new path, making it more efficient, scalable, and safe for all users of the blockchain.

Related Reading | Yellen’s Positive Remarks About Biden’s Crypto EO Push Bitcoin Past $41,000

Ethereum still remains the second-largest cryptocurrency in the space by market cap. It is currently trending around $2,500, a critical support point for the digital asset. Its market cap sits at $311 billion at the time of this writing.

Featured image from CryptoPotato, chart from TradingView.com
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Best Owie
Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality.

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Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best’s publications, which are always clear and concise, enabling easy reading and understanding for all.

Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best’s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community.

Best’s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information.

Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity.

When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world’s most quiet and well-behaved Husky. Best’s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well.

As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers.

Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best’s prolific career in the media industry is a testament of how hard work and dedication pays.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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