{"id":543384,"date":"2023-07-19T17:00:53","date_gmt":"2023-07-19T17:00:53","guid":{"rendered":"https:\/\/uniquehot.com\/?p=543384"},"modified":"2023-07-19T14:22:03","modified_gmt":"2023-07-19T14:22:03","slug":"ethereum-monthly-burn-surpasses-146000-eth","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/ethereum\/ethereum-monthly-burn-surpasses-146000-eth\/","title":{"rendered":"Ethereum Monthly Burn Surpasses 146,000 ETH As Total Clears $6.5 Billion"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Featuring Ethereum Improvement Proposal (EIP) 1559, the London hard fork introduced significant changes to Ethereum\u2019s transaction fee mechanism. Users now pay a base fee that is subsequently burned, effectively removing ether from circulation forever.<\/span><\/p>\n<p><span style=\"font-weight: 400\">This approach significantly impacted the token&#8217;s supply, resulting in a <\/span><a href=\"https:\/\/beaconcha.in\/burn\" rel=\"nofollow\"><span style=\"font-weight: 400\">monthly burn rate of approximately 146,000 ETH<\/span><\/a><span style=\"font-weight: 400\">.<\/span><\/p>\n<h2>The London Hard Fork And Its Deflationary Impact<\/h2>\n<p><span style=\"font-weight: 400\">Integrated into the Ethereum network on August 5, 2021, the <\/span><a href=\"https:\/\/bitcoinist.com\/ethereum-price-surges-as-london-hard-fork-goes-live\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">London hard fork<\/span><\/a><span style=\"font-weight: 400\"> brought a paradigm shift in the cryptocurrency&#8217;s transaction fee structure.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Through the EIP-1559, the network introduced a unique mechanism that involved the burning of a significant portion of transaction fees, known as the &#8220;base fee.&#8221; This innovative approach aimed to counterbalance Ethereum&#8217;s inflation while providing block rewards and priority fees to miners.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/coinbase\/ark-invest-ceo-still-bullish-on-coinbase\/?swcfpc=1\">ARK Invest CEO Says Firm Is Still Bullish On Coinbase Despite Selling COIN Stocks<\/a><\/div>\n<p><span style=\"font-weight: 400\">As a result, the base fee is permanently removed from circulation, leading to a deflationary effect on the token&#8217;s supply.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The scale of the burn has been enormous, with over 3.46 million ETH, worth $6.68 billion, annihilated since the London hard fork&#8217;s enforcement. This translates to an average monthly burn rate of more than 146,000 ETH over the 710-day period that followed the upgrade.<\/span><\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-543385 aligncenter\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/07\/Screenshot-2023-07-19-at-15.11.13.png?resize=460%2C187\" alt=\"Ethereum (eth) burn\" width=\"460\" height=\"187\"><\/p>\n<pre style=\"text-align: center\">146,000 ETH burned per month | Source: <a href=\"https:\/\/beaconcha.in\/burn\" rel=\"nofollow\">Beaconcha.in<\/a><\/pre>\n<p><span style=\"font-weight: 400\">Ethereum&#8217;s deflationary path effectively offset the issuance of new tokens, curbing its supply growth by approximately <\/span><a href=\"https:\/\/coinmarketcap.com\/community\/articles\/64b79a54bd6e5433fa8ed770\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">0.1%<\/span><\/a><span style=\"font-weight: 400\"> annually.<\/span><\/p>\n<h2>Leading Contributors To The Ethereum Burn<\/h2>\n<p><span style=\"font-weight: 400\">The principal factors driving Ethereum&#8217;s burn phenomenon include regular ETH transfers, non-fungible token (NFT) transactions on Opensea, and activities on the decentralized exchange Uniswap.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Regular ETH transfers accounted for the most substantial reduction in supply, leading to the incineration of nearly 300,000 ETH.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Uniswap v2 follows closely, with $56.5 million worth of ETH burned since the hard fork, while transfers of Tether stablecoins contributed to the destruction of $50.5 million worth of ETH.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-medium\" src=\"https:\/\/www.tradingview.com\/x\/1m3PIQDU\/\" alt=\"Ethereum (ETH) price chart from TradingView.com\" width=\"2884\" height=\"1758\"><\/p>\n<pre style=\"text-align: center\">ETH price struggles to hold $1,900 support | Source: <a href=\"http:\/\/TradingView.com\" rel=\"nofollow\">ETHUSD on TradingView.com<\/a><\/pre>\n<p><span style=\"font-weight: 400\">Blockchain gaming platform Axie Infinity and Uniswap v3 each burned $32 million and $30 million worth of ETH, respectively.<\/span><\/p>\n<p><span style=\"font-weight: 400\">At the same time, the number of ETH staked in the Ethereum <\/span><a href=\"https:\/\/etherscan.io\/address\/0x00000000219ab540356cbb839cbe05303d7705fa\" rel=\"nofollow\"><span style=\"font-weight: 400\">Beacon contract<\/span><\/a><span style=\"font-weight: 400\"> has also been on the rise. It is now sitting at over 26.87 million ETH, translating to a dollar value of $51.35 billion.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/stablecoin\/usdc-market-cap-drops-as-1-4-billion\/?swcfpc=1\">USDC Market Cap Drops As Redemptions Climb To $1.4 Billion<\/a><\/div>\n<p><span style=\"font-weight: 400\">With the Ethereum supply sitting at 120.2 million, it means that over 11% of its s<\/span><span style=\"font-weight: 400\">upply is currently locked up while the burn continues to take coins out of circulation. <\/span><span style=\"font-weight: 400\"><br \/>\n<\/span><span style=\"font-weight: 400\"><br \/>\n<\/span><span style=\"font-weight: 400\">Both of these developments combined could see the circulating supply of the digital asset reduce drastically, leading to a rise in the price of ETH as time goes on.<\/span><\/p>\n<p><span style=\"font-weight: 400\">ETH is currently trading at a price of $1,903 at the time of this writing, representing a 0.72% increase in the last day.<\/span><\/p>\n<div class=\"disclaimer-shortcode\">Featured image from iStock, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Featuring Ethereum Improvement Proposal (EIP) 1559, the London hard fork introduced significant changes to Ethereum\u2019s transaction fee mechanism. Users now pay a base fee that is subsequently burned, effectively removing ether from circulation forever. This approach significantly impacted the token&#8217;s supply, resulting in a monthly burn rate of approximately 146,000 ETH. The London Hard Fork And Its Deflationary Impact Integrated into the Ethereum network on August 5, 2021, the London hard fork brought a paradigm shift in the cryptocurrency&#8217;s transaction fee structure. Through the EIP-1559, the network introduced a unique mechanism that involved the burning of a significant portion of transaction fees, known as the &#8220;base fee.&#8221; This innovative approach aimed to counterbalance Ethereum&#8217;s inflation while providing block rewards and priority fees to miners. Related Reading: ARK Invest CEO Says Firm Is Still Bullish On Coinbase Despite Selling COIN Stocks As a result, the base fee is permanently removed from circulation, leading to a deflationary effect on the token&#8217;s supply. The scale of the burn has been enormous, with over 3.46 million ETH, worth $6.68 billion, annihilated since the London hard fork&#8217;s enforcement. This translates to an average monthly burn rate of more than 146,000 ETH over the 710-day period that followed the upgrade. 146,000 ETH burned per month | Source: Beaconcha.in Ethereum&#8217;s deflationary path effectively offset the issuance of new tokens, curbing its supply growth by approximately 0.1% annually. Leading Contributors To The Ethereum Burn The principal factors driving Ethereum&#8217;s burn phenomenon include regular ETH transfers, non-fungible token (NFT) transactions on Opensea, and activities on the decentralized exchange Uniswap. Regular ETH transfers accounted for the most substantial reduction in supply, leading to the incineration of nearly 300,000 ETH. Uniswap v2 follows closely, with $56.5 million worth of ETH burned since the hard fork, while transfers of Tether stablecoins contributed to the destruction of $50.5 million worth of ETH. ETH price struggles to hold $1,900 support | Source: ETHUSD on TradingView.com Blockchain gaming platform Axie Infinity and Uniswap v3 each burned $32 million and $30 million worth of ETH, respectively. At the same time, the number of ETH staked in the Ethereum Beacon contract has also been on the rise. It is now sitting at over 26.87 million ETH, translating to a dollar value of $51.35 billion. Related Reading: USDC Market Cap Drops As Redemptions Climb To $1.4 Billion With the Ethereum supply sitting at 120.2 million, it means that over 11% of its supply is currently locked up while the burn continues to take coins out of circulation. Both of these developments combined could see the circulating supply of the digital asset reduce drastically, leading to a rise in the price of ETH as time goes on. ETH is currently trading at a price of $1,903 at the time of this writing, representing a 0.72% increase in the last day. Featured image from iStock, chart from TradingView.com<\/p>\n","protected":false},"author":594,"featured_media":543386,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[8323,84011,1946,88134,8686,78803],"class_list":["post-543384","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-eth","tag-eth-burn","tag-ethereum","tag-ethereum-upgrade","tag-ethusd","tag-ethusdt"],"acf":[],"yoast_head":"\n<title>Ethereum Monthly Burn Surpasses 146,000 ETH As Total Clears $6.5 Billion<\/title>\n<meta name=\"description\" content=\"Featuring Ethereum Improvement Proposal (EIP) 1559, the London hard fork introduced significant changes to Ethereum\u2019s transaction fee mechanism. 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