Ethereum Network Burns 2.3 ETH Per Minute Following London Hard Fork

Azeez Mustapha
6 August 2021 | Updated: 6 August 2021

According to reports, 2.3 ETH gets burnt every minute due to the new transaction fee mechanism introduced via the Ethereum London upgrade, which occurred on August 5.

The long-awaited London hard fork went live yesterday, which ushered in the EIP-1559 upgrade. One of the latest additions to the network is a mechanism that burns part of the base fee collected from every transaction.

Recent reports show that since the upgrade, over 3,395 ETH (worth $9.4 million at press time) has gone out of existence through burning. According to Etherechain, the network records an average burn rate of 2.36 ETH or $6,600 per minute.

Alternative counter Ultrasound.money reports a total burn of 3,390 ETH worth $9.49 million. The analytics platform revealed that prominent NFT marketplace OpenSea currently facilitates the highest burning of tokens, with 374 ETH getting erased since the upgrade came into effect.

The second-highest burner of ETH tokens was Uniswap’s version 2, which has repeatedly burned 263 ETH at press time. Hayden Adams, the founder of Uniswap, asserted that if the current burn rate continues at this level, the protocol could burn over 350,000 ETH ($980 million) annually.

Key Ethereum Levels to Watch — August 6

Ether has finally snapped the powerful barrier at the $2,650 – $2,620 axis following a bullish boost from the recent London hard fork. After the goodish pickup, the ETH faced intense bearish pressure at the $2,750 level, which sent it back down to $2,530. However, bulls took control once again and forced the price higher.

ETHUSD – 4-Hour Chart

The second-largest cryptocurrency peaked at the $2,846 high a few hours ago but has since fallen below the $2,800 mark. After the goodish pickup, the ETH faced intense bearish pressure at the $2,750 level, which sent it back down to $2,530. However, bulls took control once again and forced the price higher.

The second-largest cryptocurrency peaked at the $2,846 high a few hours ago but has since fallen below the $2,800 mark.

Meanwhile, our resistance levels are $2,800, $2,900, and $3,000, and our support levels are $2,700, $2,650, and $2,570.

Total Market Capitalization: $1.67 trillion

Ethereum Market Capitalization: $324.2 billion

Ethereum Dominance: 19.4%

Market Rank: #2

 

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Azeez Mustapha

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.