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Data show some interesting facts about Ethereum burning.
The Ultrasound Money data report revealed the interesting fact that an average of 6.18 ETH is burned every minute by the Ethereum network.
This number comes after 152 days since implementing the EIP-1559 proposal, which offers the Ethereum blockchain deflationary functionalities and the ability to burn gas fees. Today’s price of $3,466 per ETH puts the burn rate above $21,000 per minute.
A total of 1.37 Million Ethereum has been burned by the Eth blockchain so far, which at today’s price, puts the total burn so far at approximately $4.69 billion.
The Ultrasound Money data also shows that OpenSea is responsible for the most burns on the network, which stands at approximately 147 252 ETH, equivalent to roughly $653.7 million. This accounts for 10.69% of the total burns.
Besides OpenSea, ‘ETH transfers’ account for 133,922 ETH approximately $604 million, and Uniswap V2 accounts for 114,813 ETH or roughly $465 million. The popular play-to-earn platform, Axie Infinity, takes the 8th spot, accounting for 16,934 Ethereum burned or approximately $75M.
At the moment, the Ethereum blockchain is burning more than 13K ETH per day, which is approximately $45.5M using the current market price of Ether.
The London hard fork is a fundamental upgrade for the Ethereum network in its quest to move from a proof-of-work (PoW) network consensus to a proof-of-stake (PoS) network.