Here's How Much Ethereum Has Burned Since London Hard Fork

Since the "London Hard Fork," took effect, Ethereum has burned over $100 million in fees. Looking at this, we can say that Ethereum is really generating some real heat.

Here’s how much ETH has already been burned due to EIP-1559
ETH image by Bitcoin News

Ethereum's much-hyped, London hard fork, was activated a week ago. Precisely on Thursday 5. Since it went live, over $100 million in ETH has been burned or taken out of circulation. As a result, the price of ETH increased from $2,725 to $3,230, according to CoinMarketCap.

Reports say that around 31,000 ETH have been burned so far. This is worth over $100 million at ETH current price.

According to reviews, it has always been a tough go as the blockchain has a long-standing problem with scaling, and it's highly variable. Also, sometimes expensive transactions were annoying its biggest.

However, during the London hard fork event, Ethereum unlocked 5 codes to reduce the transaction fees. But EIP-1559 is the most debated. EIP is known as the "Ethereum Improvement Proposal" alters the transaction fee structure for the network. This means that instead of fees going straight to the miners that process and approve transactions, a fee would rather go to the network and immediately be destroyed.

In addition, reports say that EIP-1559 is improving user experience by automating transaction prices. And it has the effect of stoking order by decreasing supply.

EIP-1559 is burning ETH supply and reducing the gas fees because unlike Bitcoin that has a maximum supply of 21 million BTC, Ethereum has no limit.