$5.69 Billion Ethereum Burned By EIP-1559

The London hard fork implemented the Ethereum Improvement Proposal (EIP) 1559, through which the Ethereum network was upgraded. Since then, over $5.69 billion worth Ether has been burned using today’s exchange rates. Since the EIP-1559, the community observed last year how much Ethereum is burning on a day-to-day basis. Ethereum advocates like this concept as it makes Ether deflationary over time. With the implementation of the London hard fork, Vitalik Buterin had claimed that EIP-1559 is a vital part of London. Later in January 2021, the complete NFT transactions volume on OpenSea observed a recorded high of $3.5 billion. As reported last month, Ethereum ranks first on the burn leaderboard as well. The post $5.69 Billion Ethereum Burned By EIP-1559 appeared first on Cryptoknowmics-Crypto News and Media Platform.