$4.6 Billion in Ethereum Up in Flames

Last updated: 2023/01/24 at 12:23 AM

By Mridul Srivastava 1 week ago

1 Min Read

$4.6 Billion in Ethereum Up in Flames

Since the implementation of EIP-1559, a total of 2.8 million ETH, or nearly $4.6 billion at today’s values, has been pulled from circulation.

According to Ultrasound Money, the Ethereum protocol has burned more than 16,364 ETH in the previous seven days at an estimated pace of 1.62 ETH per minute.

The two categories—Open Sea and Uniswap V3 have destroyed approximately 8,000 ETH this week.

Since EIP 1559, growth has now decreased to -1.06% annually. Also, Ethereum is deflating faster than Bitcoin.

The token supply for the network has changed across several checkpoints and upgrades, as shown in the graph below. The dotted line indicates that the deflation trend is anticipated to endure for the following two years.

TAGGED: EIP-1559, ETH, Ethereum, Ethereum Burn

Mridul Srivastava January 24, 2023

Share this Article

By Mridul Srivastava

Mridul is an MBA pursuing a content writing career. He is a dedicated, detail-oriented freelance writer with over 2 years of experience and knowledge in the fields of Web3, blockchain, cryptocurrency, and NFTs. He is skilled in producing long and short content per the guidelines and client requirements for maximum search engine optimization.