According to current metrics, the Ethereum blockchain has burned 2.35 million ether since the implementation of Ethereum Improvement Proposal (EIP) 1559. The $8.10 billion in value was burned over the course of nine months and during the last seven days, 18,110 ether worth $34.9 million was destroyed.
2.35 Million Ethereum Burned — Ethereum Dev Says The Merge Could Happen in August
Approximately 288 days ago, Ethereum developers implemented EIP 1559, a ruleset upgrade that basically changed the algorithm tied to the base fee per gas in the protocol and the network now burns the base fee per gas.
Since the August 5, 2021 London upgrade, after EIP 1559 was codified into the codebase and live, 2.35 million ether worth $8.10 billion in USD value has been destroyed forever.
The day after EIP 1559 was implemented, Ethereum co-founder Vitalik Buterin explained that the change was “definitely the most important part of [the] London [upgrade].”
During the last 24 hours, 2,396 ether worth $4.63 million has been burned. On May 1, 2022, the network saw the largest daily burn rate ever with 71,718 ether worth $138.78 million. The second highest burn rate daily record was on January 10, 2022, as 19,424 ethereum worth roughly $37.5 million was destroyed that day.
The biggest ethereum burner today is Opensea as the marketplace has burned 229,925 ether over 14,639,327 transactions. Gas used for ether transfers has burned a total of 207,072 ETH, and Uniswap V2 has burned 131,457 ether.
While the London upgrade’s EIP 1559 was a big protocol change, the next big shift will be when The Merge is applied. At that time, Ethereum will transition to a full proof-of-stake (PoS) network from its current proof-of-work (PoW) consensus algorithm.
Ethereum proponents are already getting prepared for The Merge as they suspect the change will be codified at some point this summer. Just recently, on May 17, the Ethereum-focused software firm Consensys launched an early access…
![Anticipation for Ethereum [ETH] 2.0 rises as metric reaches all-time high](https://crypto.newswireservice.net/wp-content/uploads/2023/01/ethereum-wale-1000x600-350x250.jpg)
