$5.8 Billion Burned: Second Largest Crypto Network Records 2 Million Ethereum Destroyed in 7 Months – Bitcoin News

$5.8 Billion Burned: Second Largest Crypto Network Records 2 Million Ethereum Destroyed in 7 Months

This week, the Ethereum network’s burn rate reached a milestone by surpassing 2 million ethereum burned worth $5.81 billion since August 5, 2021. Metrics show the crypto network has a 24-hour burn rate of 1.74 ether per minute, which equates to roughly $5K worth of ether destroyed every 60 seconds.During the last year, the Ethereum network has seen a slew of changes and seven months ago the network implemented the Ethereum Improvement Proposal 1559 on August 5, 2021.

Ever since then, the network has been destroying ether at an extremely rapid rate, as EIP-1559 transformed the algorithm tethered to the base fee per gas in the protocol and it burns the base fee per gas. Ethereum advocates like the idea because it makes the crypto network’s supply deflationary. At the time of writing, and since the August 5 introduction of EIP-1559, Ethereum has destroyed approximately 2,001,495.6. Using current exchange rates on March 21, 2022, the amount of ethereum burned is equivalent to $5.81 billion in USD value.

While more than 2 million ether has been burned, the speed of burn per day has been coasting along at 1.74 ether per minute or roughly $5,059.05 per minute using current ether exchange rates. Measuring the burn rate by hour shows the network destroys 1.51On March 21, the non-fungible token marketplace Opensea is the largest ether burner as the NFT market has destroyed 229,922 ether worth $790 million.

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Can someone tell again how was a burning currency idea of decreasing gas fee not increasing by reducing overall supply?

We are in the presence of digital-cybernetic totalitarianism, the cornerstone of the NOM and a key element for absolute control:

$ONE HarmonyONE harmonyprotocol

Wow, these are record high numbers.

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