Ethereum Burns Millions of ETH in 21 Months!

  • More than 700,000 ETH were burned in just the first three months, signaling the scale of future burning rates.
  • The primary driving force behind this burning is traditional ETH transfers on a daily basis.
  • OpenSea makes the second largest contribution with the burning of 230,050 ETH as a result of associated transactions.

Over the past 21 months following the implementation of Ethereum EIP 1559, billions of dollars worth of ETH have been burned.

Ethereum Burnings Continue Rapidly

Ethereum (ETH) (13)

The London upgrade, which was marked as a significant event in Ethereum history, paved the way for future ones. More than 700,000 ETH were burned in just the first three months, signaling the scale of future burning rates.

The primary driving force behind this burning is traditional ETH transfers on a daily basis. Traditional ETH transactions alone caused the burning of 285,576 ETH worth $522 million. OpenSea makes the second largest contribution with the burning of 230,050 ETH as a result of associated transactions. Uniswap v2 transactions also played a notable role, contributing to the burning of 179,571 ETH since 2021. These three contributions make up almost 700,000 ETH in total.

Other notable contributors to the burning rate include Tether’s ERC20 transactions, which played a role in the burning of 146,837 ETH, and Uniswap v3 transfers, which burned 120,889 ETH. The all-time leaderboard includes significant burning contributors such as Metamask, USDC, Otherdeed, and the creation of new contracts.

Token Burning Statistics in Ethereum

Looking at the last seven-day statistics, the burning rate is 3.51 ETH per minute, and more than 28,000 Ethereum are disappearing. Transactions associated with Uniswap, in particular, are solidifying their position among the leading burners on today’s Ethereum network, surpassing traditional ETH transfers.

To understand the magnitude of burned Ethereum, we can explore alternative uses for its value. The current average price of a home in the United States is determined to be $436,000. The value of the estimated $6.1 billion burned Ethereum could have been used to purchase approximately 14,000 homes at this average price. Alternatively, the same value could enable the purchase of approximately 25,206 low-cost Lamborghini Huracan luxury cars at a price of $242,000 each.

Interestingly, a striking contrast emerges when compared to the spending tendencies of the US government. Between October 2021 and April 2022, the government was spending approximately $500 billion faster each month than on the Ethereum network. The bureaucratic network highlights how quickly government spending occurs, consuming $6.1 billion in just 8.8 hours.

Burning rates and the value of burned ETH demonstrate the significant economic activity and transformative power of decentralized finance. As Ethereum continues to evolve and undergo more updates, the burning phenomenon is likely to continue, shaping the dynamics of the ecosystem and providing new opportunities for decentralized applications and economic models.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.
spot_imgspot_imgspot_imgspot_img

Latest News

Bitcoin Price Surge Predicted: Analyst Sees BTC Hitting $650,000 Fueled by ETFs

Get the latest insights on Bitcoin's potential trajectory – could the dominant cryptocurrency surpass gold's market cap and reach new heights?

Bitcoin Halving to Spark Supply Shock, Says Samson Mow – Omega Time Ahead?

Influential Bitcoin advocate Samson Mow offers a bullish outlook on Bitcoin's future, citing the upcoming halving and growing ETF inflows as key drivers. Here's why he believes the current market turbulence could lead to a surge in BTC price.

Bitcoin Price Plunge Continues: Analysts Predict Further Drops to $59K

Bitcoin's rollercoaster ride continues, with experts weighing in on where the bottom might lie. Get the latest price analysis, predictions, and insights into what these movements could mean for your crypto portfolio.

Bitcoin and Altcoins Face Correction Risk as Rate Cut Expectations Decline

Discover why Bitcoin and other cryptocurrencies may be on shaky ground, as economic indicators point to a potential market correction. Get expert insights on shifting market dynamics and what it could mean for crypto investors.

Bitcoin Price Outlook Dims as Crypto Stocks Slump, Peter Schiff Raises Doubts

Get the latest insights on the bearish trend in crypto markets, Peter Schiff's skepticism, and the impact on Bitcoin's price potential.
spot_imgspot_imgspot_imgspot_img

PRO Analysis

Will WLD See $11 Again? Current WLD Analysis

WLD coin's daily technical analysis provides direction for long-term traders by indicating support and resistance levels.

Where Will NEO’s Rally Continue? Updated NEO Analysis 15 April

NEO gained strength from the support levels determined in the previous analysis and rose to its current price of $22.66, targeting $25.

Is DYDX Ready to Start a New Rally? Latest DYDX Analysis 15 April

Following its recent fall, DYDX rebounded strongly to $2.28, and it is indicated that if it can sustain 3-day candle closes above this resistance level, the upward trend may continue.

Is Solana in a Long-Term Buy Zone? Current SOL Analysis 15 April

Following its recent decline to $118, Solana surged back to $145 with robust purchases; for long-term investors, the $132.40 to $121.36 range is seen as potential buying areas.

Will ARB Start Its Ascent? Latest ARB Analysis 15 April!

According to the analysis of ARB coin, staying above $0.98 could set it on a path to reach $1.90.
Merritt Vale
Merritt Valehttps://en.coinotag.com/
Merritt Vale is a 24-year-old woman who has a strong affinity for the Dogecoin community and has a particular love for the altcoin Shiba. With a passion for understanding the latest trends and developments in the cryptocurrency industry, Merritt provides fresh perspectives and valuable insights to her readers.
spot_imgspot_imgspot_imgspot_img

Railgun Price Soars Over 140% After Vitalik Buterin Endorsement – Privacy Takes Center Stage

Discover the key factors driving Railgun's price surge, Buterin's involvement, and the growing importance of privacy in the cryptocurrency landscape.

Global Crypto Funds Experience $126 Million Outflow; Bitcoin and Ether Most Affected

Recent outflows in cryptocurrency funds signal increased investor hesitation, potentially influenced by geopolitical tensions and market uncertainty.

Hong Kong’s ETF Milestone: Spot Bitcoin and Ethereum ETFs Set to Launch Amid Regulatory Optimism

Hong Kong’s financial markets take a significant leap with the conditional approval of new Bitcoin and Ethereum ETFs, setting the stage for increased institutional participation in the cryptocurrency space.