The heat in the Ethereum network can be felt. (Image: Cryptographer / Shutterstock)
In the early afternoon at 2:33 p.m. CEST, the London upgrade went live on the Ethereum mainnet without any disruptions. An integral part of the London upgrade is EIP-1559, a fee mechanism that completely replaces the previous system of gas fees. Instead of being paid to the miners, part of the transaction fee, the so-called base fee, is burned in the transaction itself, i.e. actually destroyed.
Conflagration in the Ethereum network
At the time of this writing, Etherchain.org is getting about 4.7 ETH every minute, the equivalent of nearly $ 13,000 , burned on Ethereum. Within a few hours of the start, 955 ETH and thus more than 2.6 million dollars have been burned. According to the Etherscan gastracker, the basic fee is on average around 95 Gwei, but also sees rashes down to 55 and upwards over 120 Gwei.
Not surprisingly: The NFT marketplace Opensea
In the ranking of the most active ETH burners is the NFT marketplace Opensea with 101 ETH and around 280,000 dollars. This is not surprising, because NFT are characterized by a conglomerate of various transactions, as the website Cryptoart.wtf had already made clear.
On Second place is the Defi-App Uniswap V2 with 93 ETH and around 258,000 dollars token burn. The stablecoin Tether with Uniswap V3 swings out at rank 3. Currently, Tether is just ahead with 56 ETH and a “calorific value” of around 155,000 dollars.
The price of the ether has so far only been impressive little. It is still below $ 2,800 and shows only a slight plus of 2.3 percent over the past 24 hours.
