Nearly 300,000 Ethereum—worth over $1 billion at today’s prices—have been burned since the launch of the “London” upgrade, also known as EIP-1559, in early August.

According to Ethereum metrics website Watch the Burn , a total of 298,000 ETH has been taken out of circulation since August 5. At the time of writing, the number two cryptocurrency was trading at around $3,432, per CoinGecko , so that’s $1.022 billion worth of tokens destroyed in less than six weeks.

At press time, around 5 Ethereum—worth just over $17,000—are being burned every minute.

Ethereum burns. Image: Ultrasound.Money

Currently, popular non-fungible token (NFT) marketplace OpenSea is the biggest “ETH burner” among decentralized platforms. Since London’s launch, it was responsible for burning just over 42,100 ETH ($145 million), according to Ultrasound.Money .

At the same time, regular Ethereum transfers have resulted in the destruction of around 26,100 ETH ($90 million) so far.

ETH -0.86%$3,476.07 ETH Price 

In its turn, decentralized crypto exchange Uniswap V2 burned $56.5 million. Another $50.5 million was burned on transfers of Tether stablecoins, $32 million on blockchain gaming platform Axie Infinity, and $30 million on Uniswap V3.

Ethereum’s fork to burn

Ethereum’s London upgrade has introduced several improvements to the blockchain.

One of them is a mechanism that allows burning a large portion of transaction fees—called the “base fee”—instead of sending it to miners.

According to the proposal

EIP-1559 has also introduced a new mechanism that allows users to better estimate how much a transaction actually costs. While it didn’t help to lower gas fees—as some users were hoping—it helps crypto enthusiasts to avoid overpaying for transactions.

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