$30 Million in Ethereum Burned Just Two Days After EIP-1559 Launch

in steemlinks •  3 years ago 

Ethereum’s new transaction fee-burning mechanism EIP-1559 has removed $30 million in ETH from the network’s circulation since it came into effect two days ago.

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EIP-1559, one of five upgrades introduced as part of Ethereum’s London hard fork on August 5, has replaced Ethereum’s auction-style transaction fee mechanism with an algorithmically determined alternative.

According to data on Ethereum tracker Ultrasound.money, 1,332 ETH ($4.1 million) burned so far originates from transactions on the NFT marketplace OpenSea, where trading volumes have spiked since a CryptoPunks trading frenzy began last week.

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3 years ago by

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      ·  3 years ago 

    With all these ETH updates and incoming move to proof of stake, there will be a massive price hike.

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      ·  3 years ago 

    Ethereum's price is already surging!

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