EIP 1559 Burned Over $1 Bln Worth Of ETH

Since the beginning of August, over 303,000 ETH have been burned. With an Ethereum rate of $3,628, this equates to over $1 bln. According to the WatchTheBurn website, the reward for the miners was 564,000 ETH in the same period of time. After deducting the amount that was burned by the base fee, around a further 261,000 ETH came into circulation.

According to Adam Riese, this means that Ethereum's own cryptocurrency is still an inflationary asset. However, the EIP 1559 burning mechanism reduced the inflation rate by 53.75%.

Ethereum has risen in price by 33% since the beginning of August. At the time of writing, ETH is trading at $3,575. According to analysts at Standart Chartered, Ethereum will be priced at $26,000- $35,000 in the long term.

Image: BitCryptoNews