{"id":196334,"date":"2021-08-06T08:35:17","date_gmt":"2021-08-06T07:35:17","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=196334"},"modified":"2021-08-06T11:34:22","modified_gmt":"2021-08-06T10:34:22","slug":"over-4000-eth-burned-hours-after-eip-1559-upgrade","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/over-4000-eth-burned-hours-after-eip-1559-upgrade\/","title":{"rendered":"Over 4,000 ETH burned hours after EIP-1559 upgrade"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Over <\/span><a href=\"https:\/\/cryptoslate.com\/coins\/ethereum\/\"><span style=\"font-weight: 400;\">4000 ETH<\/span><\/a><span style=\"font-weight: 400;\"> have been \u2018burned\u2019 just hours after the ambitious EIP-1559 upgrade was rolled out on the Ethereum network, data from multiple sources shows.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The burned stash is worth over $11 million at press time, representing a tiny portion of the asset\u2019s $325 billion market cap. Still, the burns mean everything is working as intended, ahead of Ethereum\u2019s move to a proof-of-stake upgrade in the coming months.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Major milestone for Ethereum today with EIP-1559 going live and the first 100 <a href=\"https:\/\/twitter.com\/search?q=%24ETH&src=ctag&ref_src=twsrc%5Etfw\">$ETH<\/a> burned.<\/p>\n<p>Regardless of your view on eth vs btc&#39;s monetary policy it is incredibly cool to see a network implement improvements on-the-fly.<\/p>\n<p>h\/t <a href=\"https:\/\/twitter.com\/RyanSAdams?ref_src=twsrc%5Etfw\">@RyanSAdams<\/a> <a href=\"https:\/\/t.co\/bH6QKJZ9F2\">pic.twitter.com\/bH6QKJZ9F2<\/a><\/p>\n<p>&mdash; Luke Martin (@VentureCoinist) <a href=\"https:\/\/twitter.com\/VentureCoinist\/status\/1423273533057028097?ref_src=twsrc%5Etfw\">August 5, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\">As on-chain tracker EtherChain shows, 4,067 ETH have been burned as of 0800 GMT at an average \u2018basefee\u2019 of 30 gwei. This means 2 ETH are burned every minute\u2014and 120 ETH each hour\u2014at the current rate (this, however, is subject to change as network demand fluctuates).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A fair amount of ETH is burned per block as well. As the below image shows, block 12970044 saw over 0.8 ETH getting burned in total, while 12970045 saw a smaller 0.68 ETH burned. Zero ETH burned in both blocks 12970051 and 12970050, data further shows.<\/span><\/p>\n<figure id=\"attachment_196337\" aria-describedby=\"caption-attachment-196337\" style=\"width: 1697px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-196337\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/08\/Untitled-1.png\" alt=\"\" width=\"1697\" height=\"537\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/08\/Untitled-1.png 1697w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/08\/Untitled-1-300x95.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/08\/Untitled-1-1024x324.png 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/08\/Untitled-1-768x243.png 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/08\/Untitled-1-1536x486.png 1536w\" sizes=\"(max-width: 1697px) 100vw, 1697px\" \/><figcaption id=\"caption-attachment-196337\" class=\"wp-caption-text\">Image: <a href=\"https:\/\/etherchain.org\/burn\">EtherChain.org<\/a>.<\/figcaption><\/figure>\n<h2><b>How EIP-1559 helps<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The <\/span><a href=\"https:\/\/cryptoslate.com\/ethereum-eth-jumps-then-dumps-ahead-of-crucial-eip-1559-upgrade\/\"><span style=\"font-weight: 400;\">EIP-1559<\/span><\/a><span style=\"font-weight: 400;\"> makes fees more predictable for users. After the upgrade yesterday, a \u2018base transaction fee\u2019 is now charged to users, and it is algorithmically determined by how busy the network is. Users, on their end, \u2018tip\u2019 miners to have their own transactions processed quicker.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The miners themselves will only receive the tips, and the \u2018base fee\u2019 amount will be \u2018burned\u2019 out of supply forever. In terms of the market effect, this means there\u2019s now fewer and fewer ETH supply available on the market daily, making the asset even more valuable to holders and investors, at least in theory<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Meanwhile, not everyone says prices are bound to go <\/span><i><span style=\"font-weight: 400;\">up only<\/span><\/i><span style=\"font-weight: 400;\"> after the EIP-1559 upgrade. \u201cI think people are still drastically overestimating what EIP-1559 will do in the short term, while also drastically underestimating what it will do in the long term,\u201d said Cinneamhain Ventures partner Adam Cochran in a <\/span><a href=\"https:\/\/twitter.com\/adamscochran\/status\/1422908760935342080\"><span style=\"font-weight: 400;\">tweet<\/span><\/a><span style=\"font-weight: 400;\"> yesterday.\u00a0<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">I think people are still drastically overestimating what EIP-1559 will do in the short term, while also drastically underestimating what it will do in the long term.<\/p>\n<p>&mdash; Adam Cochran (@adamscochran) <a href=\"https:\/\/twitter.com\/adamscochran\/status\/1422908760935342080?ref_src=twsrc%5Etfw\">August 4, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\">And recent price action (Ethereum has budged just +2% since yesterday) might just prove that sentiment correct.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Over 4000 ETH have been \u2018burned\u2019 just hours after the ambitious EIP-1559 upgrade was rolled out on the Ethereum network, data from multiple sources shows. The burned stash is worth over $11 million at press time, representing a tiny portion of the asset\u2019s $325 billion market cap. Still, the burns mean everything is working as [&hellip;]<\/p>\n","protected":false},"author":65,"featured_media":196339,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[61713,37],"tags":[60923],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Over 4,000 ETH burned hours after EIP-1559 upgrade<\/title>\n<meta name=\"description\" content=\"Over 4000 ETH have been \u2018burned\u2019 just hours after the ambitious EIP-1559 upgrade was rolled out on the Ethereum network.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/over-4000-eth-burned-hours-after-eip-1559-upgrade\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Over 4,000 ETH burned hours after EIP-1559 upgrade\" \/>\n<meta property=\"og:description\" content=\"Over 4000 ETH have been \u2018burned\u2019 just hours after the ambitious EIP-1559 upgrade was rolled out on the Ethereum network.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/over-4000-eth-burned-hours-after-eip-1559-upgrade\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2021-08-06T07:35:17+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-08-06T10:34:22+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/08\/3k-eth-burned.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Shaurya Malwa\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shaurya Malwa\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/over-4000-eth-burned-hours-after-eip-1559-upgrade\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/over-4000-eth-burned-hours-after-eip-1559-upgrade\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/#person\",\"name\":\"Shaurya Malwa\",\"url\":\"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/07\/author-shaurya-malwa.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/07\/author-shaurya-malwa.jpg\",\"caption\":\"Shaurya Malwa\"},\"jobTitle\":\"Analyst\",\"description\":\"Post-mining his first bitcoin in 2012, there was no looking back for Shaurya Malwa. 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An economics graduate from the University of Wolverhampton, he breathes financial markets and decentralized ideologies. When not writing, Shaurya works on his culinary skills, trades the big three cryptocurrencies, and surfs airplane blogs.","url":"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/"}]}},"_links":{"self":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/196334"}],"collection":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/users\/65"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/comments?post=196334"}],"version-history":[{"count":2,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/196334\/revisions"}],"predecessor-version":[{"id":196374,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/196334\/revisions\/196374"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/media\/196339"}],"wp:attachment":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/media?parent=196334"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/categories?post=196334"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/tags?post=196334"},{"taxonomy":"post_folder","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/post_folder?post=196334"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}