More Than 2 Million ETH Were Burned After the London Hard Fork Launch

Since the activation of the London hard fork in August 2021, over 2 million ETH worth over $7 billion has been successfully burned on the Ethereum network.

Among all platforms, the most tokens were burned due to transactions on OpenSea – 230,044 ETH.

The EIP-1559 protocol, prescribed in the update, involves burning part of the tokens from transaction fees, depending on the load on the Ethereum network and reducing the volatility of the gas price. On average, 6 ETH is destroyed per minute.

35% of burned coins leave the NFT sector. In second place in terms of ETH burning are DeFi services with 651,336 ETH (33%).

In November 2021, the amount of tokens burned was a little over 1 million ETH.

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