Here’s How Much ETH Has Been Burned By EIP-1559

More than 70,000 Ethereum (CRYPTO: ETH) coins have been burned or removed from the network’s circulation. 

• The transaction fee-burning update, EIP-1559, came into effect on August 5.

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• The EIP-1559 burns ETH that had been used to pay for transactions on the Ethereum network. 

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• Before EIP-1559, the Ethereum network didn’t burn tokens; instead, gas fees went to Ethereum miners, a decentralized network of powerful computers that keep the network running.

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• The network is used to determine the gas price according to the demand. 

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• EIP-1559 replaced that with a flat fee which costs 32 gwei ($2.1) to process a simple transaction in 3 minutes. 

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• It costs approximately $8.80 to transfer a token on NFT marketplaces.

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• Ethereum stakers verify transactions by pledging ETH to the Ethereum 2.0 smart contract. 

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• According to data from blockchain analytics firm Nansen, the amount staked on Ethereum surpassed 7 million ETH, worth $22.9 billion.

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• Staked ETH is locked until an update that will follow the “merge”—when Ethereum 1.0 and 2.0 communicate for the first time.

Also read: Ethereum Already ‘Flipped’ Bitcoin In This Part Of The World