Ethereum has burned 1 million ETH since London activation

In 109 days since the activation of the London update on the Ethereum network, the protocol has withdrawn more than 1 million coins from circulation. Their value at the time of writing was $ 4.2 billion.

Thanks to EIP-1559, emissions have decreased by 39%. Online inflation slowed to 1.8% per year.

The NFT marketplace OpenSea (110 175 ETH) became the leader in terms of burning. Online transfers reduced the number of coins in circulation – by 97,500 ETH, Uniswap V2 – 92,692 ETH.

We will remind, the CEO of the Singapore-based venture capital Three Arrows Capital Su Zhu criticized Ethereum for high fees, which do not allow market newcomers to use this blockchain.

Earlier, experts predicted that the activation of EIP-1559 will lead to a decrease in the income of Ethereum miners by 20-30%. In October, the latter received a record $ 1.34 billion in transaction fees (46.2% of total revenue).

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