{"id":477348,"date":"2021-11-25T23:00:33","date_gmt":"2021-11-25T23:00:33","guid":{"rendered":"https:\/\/wncen.com\/?p=477348"},"modified":"2021-11-26T06:50:17","modified_gmt":"2021-11-26T06:50:17","slug":"over-1-billlion-eth-has-been-burned-since-ethereum-eip-1559","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum\/over-1-billlion-eth-has-been-burned-since-ethereum-eip-1559\/","title":{"rendered":"Over 1 Milllion ETH Has Been Burned Since Ethereum EIP-1559"},"content":{"rendered":"

The Ethereum network has been burning ETH since the EIP-1559 first went into effect in early August. Since then, a portion of fees has been continuously burned, taking a large portion of the digital asset out of circulation. This hard fork had been implemented to combat the inflationary nature of Ethereum and it has been successful as countless blocks have been deflationary since the hard fork took place.<\/p>\n

ETH Burned Clocks 1 Million<\/h2>\n

The amount of ETH burned has risen along with fees on the network. Increased network usage had caused transactions costs on Ethereum to skyrocket and since EIP-1559 was implemented to burn a third of all fees, a higher volume of ETH has been constantly taken out of circulation. The number had quickly hit 1 million ETH, and by 10 million, the community had turned its eyes towards the 1 million mark.<\/p>\n

Related Reading |\u00a0Institutional Buys Will Put Bitcoin At $500,000 In Five Years, Cathie Wood<\/a><\/em><\/strong><\/p>\n

Ethereum hit this number on Wednesday when the total number of ETH burned on the network had crossed 1 million<\/a>. It only took a little over three months to hit this number and as burning ramps up on the network, it may take even less time to hit the 2 million mark.<\/p>\n

At the current ETH price, the total amount of ETH burned comes out to over $4.2 billion. Prior to EIP-1559, all this volume would have gone into circulation, increasing the amount of circulating ETH, contributing to the inflationary nature of ETH. However, with the burn, Ethereum is headed towards a truly deflationary future.<\/p>\n

Impact Of Ethereum Burn<\/h2>\n

Although Ethereum is not fully deflationary, the impact of the ETH burn has shone through the network in recent times. Some interesting stats show that ETH being put into circulation per mined block has reduced significantly. Since the hard fork, the net reduction has reached as high as 67.16%.<\/p>\n

Related Reading |\u00a0Why This Crypto Billionaire Abandoned Ethereum<\/a><\/strong><\/em><\/p>\n

Additionally, net issuance has also dropped in line with net reduction. Net issuance on the Ethereum network is currently sitting at 490,400 at the time of this writing. There have been 1,493,739 ETH rewards issued, translating to a little over $6.3 billion. While tips on the network have done significantly well, with over 200,000 ETH tipped so far, totaling $846 million.<\/p>\n

How Price Has Done In Contrast<\/h3>\n

Ethereum\u2019s price has done tremendously well since the burn began. Since August, the digital asset has hit multiple new highs and come close to testing the $5,000 resistance point. The asset has since taken a beating down along with the rest of the crypto market but it has held up above $4,000 despite bears trying to pull the price down.<\/p>\n

\"Ethereum<\/p>\n

ETH recovers after dip | Source: ETHUSD on TradingView.com<\/a><\/pre>\n
Indicators have remained bullish even when the market has not fared so well. Analysts have put the digital asset at $5,000 by year-end, propelled by the growth of DeFi. As more investors flock to the blockchain to take advantage of this new industry, Ethereum shows great promise of hitting this price before 2021 runs out.<\/p>\n
Featured image from Genesis Block, chart from TradingView.com<\/pre>\n","protected":false},"excerpt":{"rendered":"
The Ethereum network has been burning ETH since the EIP-1559 first went into effect in early August. Since then, a portion of fees has been continuously burned, taking a large portion of the digital asset out of circulation. This hard fork had been implemented to combat the inflationary nature of Ethereum and it has been successful as countless blocks have been deflationary since the hard fork took place. ETH Burned Clocks 1 Million The amount of ETH burned has risen along with fees on the network. Increased network usage had caused transactions costs on Ethereum to skyrocket and since EIP-1559 was implemented to burn a third of all fees, a higher volume of ETH has been constantly taken out of circulation. The number had quickly hit 1 million ETH, and by 10 million, the community had turned its eyes towards the 1 million mark. Related Reading |\u00a0Institutional Buys Will Put Bitcoin At $500,000 In Five Years, Cathie Wood Ethereum hit this number on Wednesday when the total number of ETH burned on the network had crossed 1 million. It only took a little over three months to hit this number and as burning ramps up on the network, it may take even less time to hit the 2 million mark. At the current ETH price, the total amount of ETH burned comes out to over $4.2 billion. Prior to EIP-1559, all this volume would have gone into circulation, increasing the amount of circulating ETH, contributing to the inflationary nature of ETH. However, with the burn, Ethereum is headed towards a truly deflationary future. Impact Of Ethereum Burn Although Ethereum is not fully deflationary, the impact of the ETH burn has shone through the network in recent times. Some interesting stats show that ETH being put into circulation per mined block has reduced significantly. Since the hard fork, the net reduction has reached as high as 67.16%. Related Reading |\u00a0Why This Crypto Billionaire Abandoned Ethereum Additionally, net issuance has also dropped in line with net reduction. Net issuance on the Ethereum network is currently sitting at 490,400 at the time of this writing. There have been 1,493,739 ETH rewards issued, translating to a little over $6.3 billion. While tips on the network have done significantly well, with over 200,000 ETH tipped so far, totaling $846 million. How Price Has Done In Contrast Ethereum\u2019s price has done tremendously well since the burn began. Since August, the digital asset has hit multiple new highs and come close to testing the $5,000 resistance point. The asset has since taken a beating down along with the rest of the crypto market but it has held up above $4,000 despite bears trying to pull the price down. ETH recovers after dip | Source: ETHUSD on TradingView.com Indicators have remained bullish even when the market has not fared so well. Analysts have put the digital asset at $5,000 by year-end, propelled by the growth of DeFi. As more investors flock to the blockchain to take advantage of this new industry, Ethereum shows great promise of hitting this price before 2021 runs out. Featured image from Genesis Block, chart from TradingView.com<\/p>\n","protected":false},"author":541,"featured_media":477352,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[83969,8323,84011,1946,11340],"class_list":["post-477348","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-eip-1559","tag-eth","tag-eth-burn","tag-ethereum","tag-ethereum-network"],"acf":[],"yoast_head":"\nOver 1 Milllion ETH Has Been Burned Since Ethereum EIP-1559<\/title>\n<meta name=\"description\" content=\"The Ethereum network has been burning ETH since the EIP-1559 first went into effect in early August. 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Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality. Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best\u2019s publications, which are always clear and concise, enabling easy reading and understanding for all. Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best\u2019s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community. Best\u2019s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information. Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world\u2019s most quiet and well-behaved Husky. Best\u2019s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well. As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers. Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best\u2019s prolific career in the media industry is a testament of how hard work and dedication pays.","sameAs":["https:\/\/www.linkedin.com\/in\/best-owie-41a150178\/","https:\/\/x.com\/https:\/\/twitter.com\/BestOwie"],"url":"https:\/\/wncen.com\/author\/owiebest\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Over 1 Milllion ETH Has Been Burned Since Ethereum EIP-1559","url":"http:\/\/wncen.com\/news\/ethereum\/over-1-billlion-eth-has-been-burned-since-ethereum-eip-1559\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/ethereum\/over-1-billlion-eth-has-been-burned-since-ethereum-eip-1559\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/11\/Ethereum-burn.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/11\/Ethereum-burn.jpeg?fit=1140%2C500"},"articleSection":"Ethereum","author":[{"@type":"Person","name":"Best Owie"}],"creator":["Best Owie"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["eip-1559","eth","eth burn","ethereum","ethereum network"],"dateCreated":"2021-11-25T23:00:33Z","datePublished":"2021-11-25T23:00:33Z","dateModified":"2021-11-26T06:50:17Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Over 1 Milllion ETH Has Been Burned Since Ethereum EIP-1559\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/ethereum\\\/over-1-billlion-eth-has-been-burned-since-ethereum-eip-1559\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/ethereum\\\/over-1-billlion-eth-has-been-burned-since-ethereum-eip-1559\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/11\\\/Ethereum-burn.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/11\\\/Ethereum-burn.jpeg?fit=1140%2C500\"},\"articleSection\":\"Ethereum\",\"author\":[{\"@type\":\"Person\",\"name\":\"Best Owie\"}],\"creator\":[\"Best Owie\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"eip-1559\",\"eth\",\"eth burn\",\"ethereum\",\"ethereum network\"],\"dateCreated\":\"2021-11-25T23:00:33Z\",\"datePublished\":\"2021-11-25T23:00:33Z\",\"dateModified\":\"2021-11-26T06:50:17Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/11\/Ethereum-burn.jpeg?fit=1140%2C500","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/477348"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/541"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=477348"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/477348\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/477352"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=477348"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=477348"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=477348"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}