Approximately 25 days ago, the Ethereum blockchain implemented the London hard fork and a number of features were added to the ruleset. One of the most anticipated changes was EIP-1559 which makes the crypto asset ether deflationary by burning a fraction of coins. Since August 5, over $432 million worth of ether has been burned, and at the time of writing, 136,606 ether has been burned.
Over $432 Million in Ethereum Burned
The Ethereum (ETH) blockchain is the second most valuable crypto market in terms of market valuation. Out of the $2.14 trillion market capitalization of all the coins in the crypto economy, ethereum’s overall market valuation is $374 billion or 17.5% of the entire crypto economy.
25 days ago, ETH saw a successful London upgrade and ether has gained 29.7% this month. However, the Ethereum chain had a hiccup this past week when the chain split and ether gas fees doubled in value week-over-week.
The EIP-1559 feature