More than 1.200.000 Ethereum (ETH) burned by EIP-1559 upgrade

Ethereum’s EIP-1559 upgrade has already resulted in 1.2 M Ethereum (ETH) being burned as of December 2021. EIP-1559 made changes to the Ethereum’s transaction fee system. The first-price auction model was replaced by a dynamic base fee model based on network activity. The base fee is burned which sets Ethereum on the path to becoming a deflationary network. The EIP-1559 upgrade was implemented on August 4, 2021 and is considered the largest upgrade to the Ethereum network in recent years.

What is Ethereum (ETH)?

Ethereum is a cryptocurrency developed by the Russian-Canadian programmer Vitalik Buterin and his co-founders Mihai AlisieAnthony Di IorioCharles HoskinsonJoseph Lubin and Gavin Wood. Ethereums whitepaper was published in 2013 with proposals for a new cryptocurrency based on the idea of creating blockchain networks with a more general scripting language to develop multiple applications based on so-called smart contracts. After a token sale in 2014, the Ethereum project finally launched in 2015.

How do I get Ethereum (ETH)?

You can buy Ethereum and other cryptocurrencies on so-called cryptocurrency exchange platforms, like Binance, Kraken or Coinbase.

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Worldwide

Release date

December 15

Survey time period

August 05 – December 15, 2021

Additional Notes

Last updated December 27, 2021.

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