• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Markets Cryptos

Ethereum network has now burned approximately $1.8 billion

Ajibola Akamo by Ajibola Akamo
October 11, 2021
in Cryptos
Drop in network activity may cause Ether to fall below $1,000
Share on FacebookShare on TwitterShare on Linkedin

It’s been two months since the London Hardfork upgrade went live on the Ethereum network and according to data from Ultrasound Money, the Ethereum network has burned approximately 503,000 Ether.

At Ether’s current price as of the time of this writing standing at $3,600, this puts the dollar figure at approximately $1.81 billion as of the time of this writing.

The Ethereum network burn rate has increased to 5.2 Ether per minute in October, a month that has seen Ethereum rally by approximately 20% so far.

RelatedStories

Bitcoin, Silver

Bitcoin holds at $94K as market sentiment remains bullish 

April 25, 2025
Bitcoin whales takes full advantage of price dip, acquires 71,000 BTC in one week 

Bitcoin dips below $75k amid trade war turmoil 

April 7, 2025

The Hard fork upgrade

A hard fork occurs when there is a major alteration to the protocol of a blockchain network that results in a divergent split between the old protocol and the newer version. In a hard fork, miners must choose whether to continue validating the old blockchain or the new one.

The London hard fork is the latest upgrade and it incorporates five new Ethereum Improvement Proposals (EIPs), which are all temporary until the permanent Ethereum 2.0 update. One of the improvements is the EIP-1559 which is a proposal for the introduction of a ‘base fee’ that tracks gas fee prices across the entire Ethereum network in order to ensure accurate gas fee predictions for network users. It also gives the Ethereum network deflationary functionalities which gives the network the ability to burn gas fees.

Token Burns, in cryptocurrency terms, refers to sending an otherwise usable token (or fraction thereof) to an unusable account. The act of burning effectively removes tokens from the available supply, thereby increasing its relative scarcity.

According to Ultrasound Money, an Ethereum network tracker, OpenSea, the popular Ethereum network NFT marketplace accounts for the most burns on the network which represents approximately 14.84% or 74,660 ETH. This is equivalent to approximately $269 million.

Asides from OpenSea, ETH transfers accounts for 44,130 ETH or approximately $159 million and Uniswap V2 accounts for 27,380 ETH or approximately $99 million to come in at second and third respectively. The popular play-to-earn platform, Axie Infinity, take the 6th spot, accounting for 12,580 ETH burned or approximately $45.3 million.

Bottomline

The London hard fork is a vital upgrade for the Ethereum network in its quest to move from a proof-of-work (PoW) network consensus to a proof-of-stake (PoS) network consensus which is aimed at saving the network from near-paralysis and reduces the amount of energy needed to execute transactions on the network as the PoS is known to consume far less energy than the PoW.

Tags: EtherEthereumHard fork
Ajibola Akamo

Ajibola Akamo

Ajibola Akamo is an Investment Analyst, Financial Analyst, Economist and Accountant. You may contact him via his email ajibolaakamo@yahoo.com

Related Posts

Bitcoin, Silver
Cryptos

Bitcoin holds at $94K as market sentiment remains bullish 

April 25, 2025
Bitcoin whales takes full advantage of price dip, acquires 71,000 BTC in one week 
Cryptos

Bitcoin dips below $75k amid trade war turmoil 

April 7, 2025
Trump vows to impose 25% tariffs on autos, pharmaceuticals, others 
Cryptos

President Trump turns Bitcoin green like Nigerian Flag 

March 3, 2025
Crypto trading volume declined by 21.8% in June marking third month of decline
Cryptos

Crypto Weekly Roundup: Global market sheds $200 billion amid security breach 

February 23, 2025
Crypto trading volume declined by 21.8% in June marking third month of decline
Cryptos

Crypto market dips as trading volume drops by 2.83% to $61.3 billion 

February 17, 2025
Bitcoin,Ethereum, Dogecoin , Altcoin
Cryptos

Bitcoin and Ethereum options worth over $3 billion set to expire today

February 7, 2025
Next Post
WAPCO, Zenith charge bulls at the Nigerian stock market, investors gain 73.37 billion, Bulls party at Nigeria's Stock market for the holidays, index up % 0.76, Bulls party at Nigeria's Stock market for the holidays, index up % 0.76

Bears regain market dominance as profit-taking weighs down market cap by N80.44 billion

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank
Zenth Bank








DUNS

Recent News

  • NNPCL, Mele Kyari counter Agip Contractors Association, others, over pipeline surveillance contract in Niger Delta 
  • Dangote refinery fuel distribution initiative set to cut petrol prices and boost supply nationwide – Expert says 
  • P-CNGi partners NNPC, GACN, NMDPRA to scale CNG supply nationwide 

Follow us on social media:

Recent News

Proposed 5% levy on companies for community project might lead to exits – Afrexim Bank

NNPCL, Mele Kyari counter Agip Contractors Association, others, over pipeline surveillance contract in Niger Delta 

June 18, 2025
Dangote refinery fuel distribution initiative set to cut petrol prices and boost supply nationwide – Expert says 

Dangote refinery fuel distribution initiative set to cut petrol prices and boost supply nationwide – Expert says 

June 18, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics