Ethereum (ETH) - the second popular crypto by market capitalization is firing up after the upgrade it received on 5th August. The crypto is presently trading at $3082.
About 2.3 ETH is being burned every minute thanks to a new transaction fee mechanism introduced in the London Ethereum update on August 5.
The long-awaited London hard fork came on Wednesday this week, introducing the EIP-1559 update, which adjusted gas fees. Part of that adjustment introduced a mechanism that burns some of the base fees collected.
The total amount of ETH burned since the update went live about 14 hours ago is about 3395 ETH according to various available counters. Etherchain reports an average burn rate of 2.36 ETH per minute. This equates to $6596 per minute, or about $395,000 ETH rising in metaphorical smoke every hour at current prices.
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An alternative counter called Ultrasound.money reports a total burn of 3390 ETH worth $9.5 million at the current ETH price of around $2,800. The tracker reports that popular NFT marketplace OpenSea is the top ETH burner with 374 ETH, or just over $1 million, destroyed since the update launched.
In second place was Uniswap's version 2, which at the time of this writing has burned 263 ETH, or $740,000. Uniswap founder Hayden Adams commented on the burn rate, stating that if things continue at the same rate, the protocol could burn as much as 350,000 ETH, or nearly $1 billion per year.
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