More than 100,000 ETH ($300 million) has been burned following Ethereum's latest upgrade
August 26, 2021, 8:23AM EDT
1 min read
Since Ethereum's London upgrade was implemented — introducing the EIP-1559 fee burning mechanism — the network has burned a total of 100,000 ETH, worth $300 million, in just 20 days.
These coins are being burned during the transaction fee process. To make a transaction, you now pay a base fee, which gets burned, and a priority fee that's effectively a tip to the miner. (For a detailed explanation of how fees now work, see here.)
As a result, this has significantly lowered the level of inflation on the Ethereum blockchain. At present, the supply increases by about 5% each year, but this has been effectively reduced by 35% due to the amount being burned in transaction fees.
EIP-1559 has made it easier to estimate how much should be paid in transaction fees to get a transaction processed within the next few blocks. But since we are in the middle of NFT summer — with digital rocks selling for millions of dollars — gas fees can pick up considerably, especially when NFT collections are being minted.
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