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Ethereum has burned 1 million ETH hard fork since August



Ethereum's EIP-1559 update has now burned over 1 million ETH, valued at around $ 4.3 billion.

Today the Ethereum network has managed to successfully burn 1 million ETH worth over $ 4 billion. This milestone was reached over three months after the London Hard Fork (EIP-1559) was successfully activated in early August.

In early August, the Ethereum developers updated the blockchain with EIP-1559, an Ethereum Improvement Proposal that introduced a basic fee not for miners who validate transactions on the network, but for the network to take it out of circulation. The change was intended to slow the token's rate of growth and increase its price, while at the same time mitigating some of the worst elements of network congestion by increasing block sizes to accommodate more transactions.

The purpose of EIP-1559 was to make transaction fees easier to estimate. The reason was to increase the reliability of the transactions, as underestimating the fees can lead to aborted transactions and wasted fees. It also helps in times of high demand.

EIP-1559 was also designed to put deflationary pressure on the ETH offering as the base fee is burned and can no longer be used on the network. This will reduce inflation in the network.

In the months since the hard fork, visible changes in the demand and supply dynamics of Ethereum can also be observed. Since the introduction of the burn protocol, the ether supply has been around 0.8% lower than it would have been without the hard fork. This is a sign of a significant decline in supply in circulation.

While OpenSea has the highest burn rate to date, the burning of the Ethereum token offering could accelerate if Coinbase launches its NFT marketplace. The leading exchange announced that it will join this year's NFT boom with the launch of a new marketplace that supports Ethereum-based NFTs last month. It is scheduled to go into operation before the end of 2021.

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