More than one million Ethereum (ETH) has been burned with the Ethereum burning mechanism introduced as part of the Ethereum London upgrade at the beginning of August.
3,861,535,458 since the transaction fee burning mechanism started working with the EIP-1559 update on the Ethereum network. It’s worth $84, or 1,011,131. 76 ETH was burned.
Ethereum has passed the $1 billion milestone burned in mid-September.
The milestone was observed by Ethereum advocates on Twitter, but those using the Ethereum network at Layer 1 still suffer from these transaction fees.
The current daily burn rate is 11,588 ETH, worth around $50 million. In the last 24 hours, the network has burned an average of 8 ETH per minute. At these rates, the network will burn about 4.2 million ETH per year, which is $18 billion at current prices.
Uniswap is currently leading the burn chart, burning 1.360 ETH, or $5.8 million in Ethereum, in the last 24 hours.
According to CoinGecko data, ETH is currently trading at $4,292. The asset is down 12.01% after hitting an all-time high of $4,878 on Nov.