Ethereum Network Burns 2.3 ETH Per Minute Following London Hard Fork
Login

Ethereum Network Burns 2.3 ETH Per Minute Following London Hard Fork

Estimated Reading Time: 3 minutes

Azeez Mustapha

Updated:


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

 

You can purchase crypto coins here: Buy Tokens

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News