- Oct 25, 2021
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Over a Million Ether or $3.8 Billion Burned to Date
The second-largest crypto asset in terms of market capitalization, ethereum (
EIP-1559’s summary hosted on Github states:
There is a base fee per gas in protocol, which can move up or down each block according to a formula which is a function of gas used in parent block and gas target (block gas limit divided by elasticity multiplier) of parent block. The algorithm results in the base fee per gas increasing when blocks are above the gas target, and decreasing when blocks are below the gas target. The base fee per gas is burned.
Since the new feature was introduced, metrics from Dune Analytics indicate 1,001,212 ether or $3.8 billion worth of ethereum using today’s exchange rates has been burned.
At the time of writing, etherscan.io’s API which shows the circulating
The burning stemming from Opensea usage took place across 7,941,975 ethereum transfers. Regular ethereum transfers are tethered to 94,800
The stablecoins tether (
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