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9 December 2021
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Ethereum

Ethereum (ETH) Users Paid $1 Billion in Fees in 30 Days, Here’s How Much ETH Burned

With EIP-1559 activated, Ethereum inches closer to the status of deflationary asset

Token Terminal, an on-chain analysis platform, has shared an infographic on Ethereum network fees and the effects that EIP-1559 is having on its supply.

82.45% of network fee amount destroyed over last 30 days

According to statistics shared by TokenTerminal, Ethereum (ETH) network users have paid more than $1,000,000,000 in equivalent for having their transactions added to Ethereum’s blocks.

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During the same period, more than $824,000,000 in equivalent were destroyed.

As covered by U.Today previously, in periods of high network activity, more Ethers are burned than created. Thus, there are some periods in which the Ethereum supply is deflationary.

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This mechanism was actvated on Aug. 5, 2021, on Ethereum’s mainnet. By mid-October, more than 500,000 Ethers have been destroyed. This process reduces selling pressure and is oftenly treated as a bullish catalyst for the second cryptocurrency.

Ethereum is on its way to The Merge

The Ethereum 2.0 Merge, i.e., the transition from proof-of-work (PoW) to proof-of-stake (PoS) consensus, has been activated in an interoperable devnet.

On Oct. 8, 2021, Ethereum core developers activated The Merge in a multi-client closed developer network with Besu, Erigon, EthereumJS, Geth, Nethermind, Nimbus, Lighthouse, Lodestar, Quilt, Prysm and Teku clients onboard.

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As explained by Ethereum Foundation’s Tim Beiko, from Q4, 2021 – Q1, 2022, Ethereum’s Pithos devnet will be stress tested by Ethereum contributors and enthusiasts.

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