In a major boost to Ethereum (ETH), EIP-1559 has burnt over 2 million ETH since its inception. This also means that over $5.7 billion worth of ETH tokens now have been sent to the unknown dead wallet since August 2021. The second-largest cryptocurrency has registered a surge of over 12% in the past 7 days.
Over 6 ETH tokens burnt every minute
As per Watch the Burn, an ETH burn tracker, EIP-1559 has destroyed 2,001,406 ETH tokens from circulation forever. The data depicts that the net reduction value has been maintained at 65.15%. As per the UltraSoundAwakening, over 6 ETH coin is burnt every minute by the Ethereum. Meanwhile, 133,967 Ethereum coins (worth approx $389 million) have been burnt by the mechanism in the last month.
Ethereum EIP-1559 is the technical name for the burning mechanism. It was successfully launched on August 4th, 2021. This is the ‘Ethereum Improvement Proposal’ to make changes to the transaction fee system.
EIP-1559 got rid of the first-price auction which was a major source of transaction fees and replaced it with the base fee model where the fee is changed dynamically based on network activity.
ETH is trading at an average price of $2,919, at the press time. The token is marginally up by around 2% in the past 24 hours. While its 24-hour trading volume of $15,023,137,459 registered a jump of 20%. As per CoinMarketCap, Ethereum is the world’s largest cryptocurrency with a total market capitalization of over $350.5 billion.
Vitalik introduces EIP-4844
Vitalik Buterin, Ethereum co-founder, talked about EIP-4844 aka proto-danksharding. It is the new sharding design proposed for Ethereum introducing some significant simplifications compared to previous designs.
As per Vitalik, the main innovation introduced by Danksharding is the merged fee market: instead of there being a fixed number of shards that each have distinct blocks and distinct block proposers, in Danksharding there is only one proposer that chooses all transactions and all data that go into that slot.