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.Â
According to Etherchain, Ethereum has burned 10.04 ETH worth $43,484 every minute over the last 24 hours. The blockchain has already burned 698,903.60 ETH, equivalent to $3.02 billion at time of writing.
The Ethereum supply-tracking site Ultrasound.money is also following the rate at which ETH is burned in real-time while putting the spotlight on platforms where the largest transactions have originated.Â
The Ethereum monitoring tool shows that non-fungible token (NFT) marketplace OpenSea is responsible for burning the most ETH, torching 91,059.08 ETH worth over $394 million at time of writing.Â
Another platform on the burn leaderboard is decentralized exchange (DEX) Uniswap (version 2) with a total of 50,964 ETH worth over $220 million. Blockchain-based video game Axie Infinity is also on the list, burning 14,220 ETH, worth $61.58 million.Â
Ethereum is currently exchanging hands at $4,331.15, up 12.4% in the last seven days, according to CoinGecko.
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