Ethereum Burns Nearly $1 Billion

Ethereum has removed from circulation close to $1 billion worth of eth about six weeks since the burning began on August 5th.

Some 284,000 eth has been burned, worth about $950 million, with it running at close to $1 million eth burned per hour, or 5.07 eth per minute.

The NFTing OpenSea continues to dominate, but simple eth transfers are more and more securing second position, burning some 24,000 eth in total worth $80 million.

That may be because simple fees briefly reached $150 at one point during the dYdX airdrop, with it costing some $1,500 to claim it.

That has calmed down now with simple fees at about $3, thus the rate of burning varies depending on network demand.

It may also depend on the level of usage of second layers which could take out some transactions that otherwise would have burned eth.

Such generalized second layers however have their own fees, with a balance so reachable that takes into account both the cost of entering the second layer and overall convenience compared to the cost on the first layer.

Thus a base demand should continue taking eth out of circulation as it passes a milestone with $1 billion burned.

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