Ethereum Burns ETH worth of $395K Per Hour After London Upgrade

According to reports, around 2.3 ETH per minute ($6,600) is getting burned through the new transaction fee introduced during Ethereum’s London upgrade on August 5.

Around 2.3 ETH ($6,600) per minute is getting burnt
Ethereum London Hard Fork Image

The most awaited London hard fork was live yesterday August 5, causing EIP-1559 upgrade that improved gas fees. As a result, it introduced a mechanism that burns some of the fees collected. In addition, the amount of ETH burnt so far since the event was around 3,395 ETH, based on several data. According to Etherchain, nearly 2.36 ETH ($6,600) per minute is getting burnt. This means roughly $395,000 of ETH are getting burnt every hour at current prices. As per reports from tracker reports, the total burn of 3,390 ETH is worth approximately $9.5 million at the current ETH price. Moreover, the popular NFT marketplace OpenSea burnt more ETH than any other entities. The platform is the top ETH burner with 374 ETH ($1 milliondollars), went to smoke since the upgrade went live. What is more, Uniswap's version 2 come at the second place with over 263 ETH worth of $740,000 burnt, at the time of writing. Following this, Uniswap founder, Hayden Adams, said that if things keep going like this, the protocol could burn as much as 350,000 ETH, or almost $1 billion per year. According to a crypto analyst, these figures mean that between 800,000 — 2.4 million ETH is planned to be burned in 2021.