Over $3,000,000,000 Worth of ETH Torched Since Ethereum Hard Fork Upgrade in August.
31 Oct 2021, 08:00
Over $3,000,000,000 Worth of ETH Torched Since Ethereum Hard Fork Upgrade in August
Data from the Ethereum on-chain tracking tool Etherchain shows that the leading smart contract platform has destroyed hundreds of thousands of ETH since the London hard fork went live on August 5th.
The London hard fork implemented the Ethereum Improvement Proposal (EIP) 1559, which introduced a fee-burning protocol to the Ethereum network that permanently torches a certain amount of ETH from the circulating supply each time a user processes a transaction.