Monday, September 20, 2021
HomeNewsEvery minute 3.21 ethers are burned: Ethereum price on the uptrend

Every minute 3.21 ethers are burned: Ethereum price on the uptrend




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The London hard fork was successfully completed. Now data from the ETH analysis portal Etherchain shows that tokens have since been destroyed at a rate of 3.21 ETH per minute. Almost 5000 Ether Coins have already been burned. These are digital assets valued at nearly $ 14 million.

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Old gas charges are a thing of the past

Burning has been integrated into the ETH blockchain through the London upgrade. Under the abbreviation EIP-1559, a fee mechanism has recently been introduced for the regular destruction of coins. The previous gas system was criticized because of the enormous fees in some cases and is now being replaced. Basically, a certain portion of the transaction fees, called the base fee, is simply destroyed.

As the digital magazine t3n reports, the NFT marketplace from Opensea in particular is responsible for the most frequent transactions. Here, 101 ETH with an equivalent of $ 280,000 as a base fee were sent to Nirvana within a few hours. Many non-fungible tokens (NFT) contain a compilation of different transactions, all of which burn ETH coins.

Even yesterday, Uniswap V2 was one of the biggest Burners with 93 ETH, followed by Uniswap V3 and Tether.




Ethereum course still subdued so far

So far, the new combustion engine in the Ethereum engine has not yet had any major price effects. Nevertheless, the community seems to be positive about the new fee schedule. A positive upward trend has been keeping traders in a good mood since July 20, after a downright drop in prices at the beginning of May left many traders despondent.

The Ethereum price forecast could therefore be based on old highs and soon surpass the USD 3,000 mark again. This should trigger further buying impulses.

Photo by Andy Watkins

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Hasan Sheikh
Hasan, who loves technology and games, is studying Computer Engineering at Delhi JNU. He has been writing technology news since 2016.
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