According to a “burn ranking” published by Ultrasound Money, OpenSea
as the largest source of burned Ethereum
since the London hard fork of EIP-1559.Sponsored Sponsored
, OpenSea ranks first, burning a total of 28,238 ETH since EIP-1559 at the time of writing. Second place goes to all ETH transfers that have been processed on the Ethereum network. This gives 15,205 ETH – 46.15% less than OpenSea.
If we add the amount of ETH burned by the OpenSea registry, which is listed separately at number nine (2561 ETH), it means that OpenSea burned a total of 30,799 ETH, which is more than twice as much as all standard Ethereum transfers combined.
in London update
EIP-1559, also known as the “London” hard fork, is an update to the Ethereum network that began on August 5, 2021. London introduces several new features, such as how to deal with the significant scalability issues that plague the network exponentially as usage increases. In particular, the volatility and inflation of network transaction
fees that users and developers face.
London is attempting to make these fees deflationary by lowering transaction fees
and validator rewards by burning 25% to 75% of the base fee previously offered to miners associated with each transaction made on the network. This new fee-busting process is happening daily.
When BeInCrypto last reported on this burning process, the total number of Ethereum burned since the update was 73,569 ETH. As of today, the total number of ETH burned has increased to 178,808, bringing the average number of ETH burned to around 58,924 per day.
This is part of a larger push by the Ethereum team towards ETH 2.0 adoption, which abandons the Proof-of-Work (PoW) model by implementing an alternative consensus mechanism called Proof-of-Stake (PoS). PoS completely mitigates transaction fee volatility and scalability issues by replacing the demanding, resource-intensive process of “mining” validators with a more democratic form of network governance. This process rewards randomly selected quorums of validators in opa
rciu about the number of tokens they have on the network.
NFT madness at the top of the Ethereum charts
This is not surprising, given the sheer dominance of the ongoing non-convertible token(NFT) craze. As a marketplace for NFT trading, OpenSea is a key player and supporter of this craze.
In fact, even BeInCrypto (BIC) is now using OpenSea to host its anniversary NFT charity auction. The limited, four-day BIC Charity NFT Auction raises money by auctioning off unique digital artwork to benefit the Open Earth Foundation (OEF). A non-profit organization that promotes an “open digital infrastructure” to manage the Earth system.
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