On the blockchain, Ethereum has burned 2.35 million, ever since the implementation of the Ethereum improvement proposal (EIP) 1559. An estimated $34.9 million in ether has been burned and destroyed in the last 9 months.
Ethereum developed and implemented EIP-1559, which sets a rule that basically upgrades and changes the algorithm that was being tied to their base fee per gas in the network and the protocol, now burns the said base fee per gas.
Since August 15, 2021, following the implementation of EIP-1559, 2.35 million ether worth $8.10 billion in USD was destroyed with no chance of recovery.
OpenSea is the biggest Ethereum burner today. The marketplace was believed to burn 229,925 ether with a total number of transactions that was over 14,639,327. The gas that was being used for the ether transfer burned around 207,072 eth in total.
Although the London upgrade’s EIP-1559 was a huge step to go to a big protocol, there will be a big shift once the merge is applied. When that time comes, Ethereum will become a full proof of stake (pos) network, moving away from being a proof of work (pow) in a consensus algorithm.
The Ethereum developer, Tim Beiko, explained that the merge will be more likely to function and live up to its purpose in the third quarter of the current year. He strongly pointed out that the miners actually did not actually invest in mining rigs going forward.
The existence of the merge will soon indicate the result after the transition. which will become scarcer. At first, there was an Ethereum issuance rate of around 5.4 million ether a year. Once the merge was present, the issuance rate was believed to drop to around 500,000 ether per year.
Even with all these changes, the burn rate of Ethereum will remain the same. An estimation was made, and it shows 900,000 ether per year. Although there was 71,718 burned ether last May 1, this may have influenced the estimates positively.
