Ethereum blockspace demand could see millions of ETH burnt in 2021

London was deployed on Aug 5 ushering in the long-awaited EIP-1559 and its upgrades to the transfer fee mechanism. Part of the base fee now gets burn as a result and the process has been running smoothly in the hours after launch.

Several trackers have been deployed to monitor this constant burning of Ethereum. Etherchain was reporting a total cumulative burn of 3,630 ETH at the time of press, less than 24 hours after the upgrade was deployed. This is worth approximately $10 million at current prices.

With an estimated current burn rate of 2.47 ETH per minute, the network could destroy 3,500 tokens per day.

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