Almost BRL 680 million in Ethereum have already been burned

Ethereum’s hard fork London, which introduced ETH burning, took place a week ago. In the meantime, 39,213.12 ETH have already been burned, equivalent to almost R$ 680 million. The current burn rate of the network is 3.25 ETH per minute.

Among the 10 protocols with the highest amount of burning in the last 24 hours, NFT platforms represent 4 of them.

Network at full steam

The Ethereum network continues to burn its ETH stock. Although the 39,000+ ETH burned represents only 0.53% of the entire Ethereum supply, this is an important step for Ethereum 2.0.

In the last 24 hours, 4,866.01 ETH were burned, slightly above the weekly average. NFT trading platform OpenSea led the Ethereum burn last week.

In the soaring lead, the platform burned 5,015.24 ETH. In second place was Uniswap, with 2,894.70 ETH burned from the hard fork.

Also on the list is Axie Infinity, occupying the third position with 2,200.84 ETH. Over the past 24 hours, OpenSea has continued to lead.

However, another NFT protocol takes the second position: MonsterBlocks. The DeadFellaz collection also appears on the list, with a similar proposal to CryptoPunks.

Through the data, it is possible to notice that the market for non-fungible tokens remains strong. Even though the hype in the mainstream media has cooled, the market remains busy.

Why burn ETH?

Although the ETH burning is currently tiny compared to the more than 7 million ETH available on the market, the action helps to reduce the supply in the market.

This way, when Ethereum 2.0 is finally implemented, the values ​​allocated in staking will have even more impact.

In other words, the burning of ETH matters in the short term of Ethereum 2.0. That’s why enthusiasts and developers have stated that hard fork London is directly linked to network change.

What remains is to track the progress of the network in terms of token burning. The more Ethereum is used, the more ETH will be burned.

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