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09.12 - 14:58
Ethereum: 1 million ETH now burned, but here’s why the Merge cannot wait
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ambcrypto.comEarlier today, the Ethereum network managed to successfully burn 1 million ETH, worth over $4 billion at the time of writing. This milestone was achieved over three months after the London hard fork (EIP-1559) was successfully activated back in early August.
Source: Watch the Burn
Thanks to EIP-1559, the base fee is burned during each transaction to steadily decrease Ether’s circulating supply. Since the aforementioned hard fork, the daily ETH burn rate has been steadily increasing, with a current burn rate of around 10-15k ETH per day.
In the months since the hard fork, visible changes to Ethereum’s demand and supply dynamic can be seen too. Since the implementation of the burn protocol, Ether’s supply has been around 0.8% lower than what it
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