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Ethereum Burn Hits $1B Milestone After EIP-1559 Activation

Ethereum
Ethereum

Over $1 billion of ethereum has been burned since the execution of EIP-1559 hitting a new milestone for the 2nd best cryptocurrency.

Roughly 386,466 ETH, or about $1.1 billion, has been burnt at the time of this edition, according to ultrasound money’s tracker.

This landmark follows the activation of EIP-1559 in early August as part of the London Hard Fork, which moves transaction fees that once went to Ether miners now are destroyed through the issuance of burn blocks.

On Tuesday, a separate tracker on Twitter called the ETH Burn Bot tweeted that the annualized issuance of ether was slightly in a deflationary period at negative 0.59% at 2pm ET, down from a positive 0.27% just an hour earlier.

Although ether is slightly in a deflationary period currently, it is expected to face greater deflationary periods more often once the Ethereum blockchain transforms into a proof-of-stake system in 2022 as a part of ETH 2.0.

A deflationary period for ether is when the amount of ether burned exceeds the issuance amount so the Ethereum blockchain goes into a deflationary cycle through issuance of deflationary blocks, Blockworks previously reported.

As of Monday, gas prices were at a level of 138.46, up 60.93% from 86.03 on the year-ago date, according to data from YCharts. Ethereum is trading at $2,885.87, down 3.3% on the day as of 4:28 pm ET on Tuesday, according to CoinGecko.

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