Crypto Inferno: The Ethereum Network Has Burned Over $230 Million in Ether in 17 Days

17 days ago, the Ethereum network successfully implemented the London hard fork upgrade. One specific feature, EIP-1559, has fascinated crypto proponents for quite some time as the upgrade change makes ether scarcer over time. Statistics show that over the course of more than two weeks, the Ethereum network has burned 73,784 ether worth over $230 million using today’s exchange rates.

73K Ethereum Burned To-Date, Opensea Burns Over 9,000 Ether

Data stemming from the Dune Analytics’ dashboard called “Ethereum after 1559” indicates that 73,784 ETH has been burned since the London upgrade on August 5. The London hard fork was successful and after it was implemented, Vitalik Buterin said he was “confident” about the future after London. Buterin also detailed that he believed EIP-1550 was a very important part of the London upgrade.

Well before the London upgrade, the ETH community was ready for the highly-anticipated EIP-1559 improvement. Following the ruleset change, a touch over two weeks later people are still observing how much ether is being burned on a daily basis.

The 73,784 ETH burned to-date, is worth approximately $230,611,450 using today’s ether exchange rates. While every ETH participant adds to the burn rate, there’s a slew of Ethereum-based protocols that burn a lot of ETH by simply operating.

Dune Analytics statistics shows that the non-fungible token (NFT) marketplace Opensea is the biggest burner with 9,121 ether burned to-date. This is followed by projects like Uniswap V2 (5,365 ether), Axie Infinity (4,024 ether), Tether (3,733 ether), and Uniswap V3 (2,236 ether).

Other projects and apps like Metamask (1,405 ether), USDC (1,258 ether), and 1inch V3 (991 ether) burn a lot of ETH too. Furthermore, an “unknown entity” has burned 1,443 ether and holds the sixth position among the top 100 ether burners.

Currently, Over $12K in Value Is Being Burned Every Minute on the Ethereum Chain

On Sunday, ether has been swapping for prices between $3,150 to $3,250 during the last 24 hours. Ethereum has gained a whopping 56.4% in the last month and year-to-date statistics show ether is up 719%.

The crypto asset is between 25-30% lower than the digital currency’s all-time high of $4,356 per unit on May 12, 2021. Ether’s market capitalization on Sunday is $373 billion and it captures 17.5% of the $2.13 trillion crypto economy. The ETH burn rate sees fluctuations, but at the time of writing, the chain is seeing a 3.76 ETH per minute burn rate every hour.

Using current exchange rates, that’s $12,158.97 worth of ethereum (ETH) destroyed every minute.