Second largest cryptocurrency by total market capitalization Ethereum (ETH), It had undergone a revolutionary change in the past few months.
The EIP-1559, which Ethereum investors have been waiting for and will now put the network into the deflationary model, really had as much impact as expected.
EIP-1559 Burned Record Amount of ETH
Since the Ethereum Development Protocol 1559 was activated, the total value of ETHs burned through transaction fees has exceeded $3 billion.
According to the information transmitted by Etherchain, the Ethereum network burns an average of 10.04 ETH per minute within 24 hours.
It is emphasized that 698,903,60 ETH has been burned on the blockchain network until this date, with a total value of just over 3 billion dollars.
Looking at the data on the Ethereum network, the number one platform that triggers ETH burns seems to be OpenSea. On the NFT trading platform OpenSea, 91,059.08 ETH was burned, which corresponds to 394 million dollars.
The platform that comes after OpenSea is known as Uniswap. It is stated that 220 million dollars of ETH has been burned on Uniswap V2 until this date.
Blockchain-based video game Axie Infinity also burned 14,220 ETH, burning $ 61 million.
Despite Bitcoin’s block halving model, Ethereum’s constantly decreasing supply is definitely interpreted as a long-term price bullish indicator for ETH investors.