$3 Billion in ETH Burned Since EIP 1559 Activation

The aggregated USD-denominated value of Ethers (ETH) destroyed after the implementation of a novel fee mechanism has surpassed its historic level.

ETH burn surpasses $3 billion

According to the latest announcement shared by automated Ethereum (ETH) network tracking services, the blockchain destroyed 710,000 Ethers by Nov. 1, 2021.

Cumulative 710,000 $ETH burned! ? ($3,022,874,700)

— ETH Burn ? Bot ?? (@ethburnbot) November 1, 2021

As such, amid the ongoing Ethereum (ETH) price upsurge to $4,350, the value of tokens excluded from the net circulating supply of Ether exceeded $3 billion for the first time in its history.

As covered by U.Today previously, the $2 billion milestone was registered on Oct. 25, 2021. It took less than one week for the second cryptocurrency to destroy its third billion dollars.

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Mon, 10/25/2021 - 14:19

$2 Billion Worth of Ethereum Burned Since August

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Ethereum (ETH) token's burn mechanism was implemented in the network in August 2021. With EIP 1559 activated, a share of transactional fees are periodically sent to a "burn" address.

First deflationary week in Ethereum's (ETH) history

Despite being the most controversial upgrade in Ethereum's six-year history, London hardfork with EIP 1559 as its main update managed to made Ethereum gas policy more predictable.

The rate of Ethers burned rises hand-in-hand with network activity increases. More transactions are included in the blocks, more Ethers are destroyed.

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Mon, 11/01/2021 - 08:44

Ethereum Hits Its First Deflationary Week, Here's Why It Might Attract More Holders

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Last week became the first deflationary one in Ethereum's (ETH) history: the network destroyed more Ethereums than it issued.