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Ethereum Has Burned More Than a Million ETH Over the Last 3 Months – Technology Bitcoin News

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111 days ago, the Ethereum network implemented the London hard fork upgrade which added a mechanism (EIP-1559) that changed Ethereum’s rate of fees to a new scheme that makes the crypto-asset Ether deflationary. Since then, 1 million ethers have been burned, or the equivalent of Ethereum valued at around $ 3.8 billion at today’s exchange rates.

Burned over a million ethers or $ 3.8 billion to date

Ethereum (ETH) is the second largest crypto asset in terms of market capitalization and today has an overall valuation of just over $ 500 billion. Ethereum’s market cap accounts for 18.8% of the $ 2.7 trillion crypto economy. Three months ago, on August 5th, 2021, the Ethereum blockchain was updated and the consensus rules were expanded to include various functions. Some of the most transformative included EIP-1559 and EIP-3554, and EIP-1559 in particular created a new charging scheme that allows the network to burn some of the ether.

The summary of EIP-1559 hosted on Github states:

There is a basic charge per gas in the log that can move up or down in each block according to a formula that is a function of the gas used in the main block and the gas target (block gas limit divided by elasticity multiplier) of the main block. The algorithm causes the basic charge per gas to increase when blocks are above the gas target and decrease when blocks are below the gas target. The basic charge per gas is burned.

Since the introduction of the new feature, metrics from Dune Analytics show that $ 1,001,212 Ether or Ethereum worth $ 3.8 billion was burned using today’s exchange rates.

At the time of writing, etherscan.io’s API showing circulating ETH supply shows that there are 118,472,428 ethers today. The largest Ethereum burner today is still the non-fungible token (NFT) marketplace Opensea with 110,081 ethers or $ 398 million burned so far.

The incineration due to the Opensea use took place in 7,941,975 Ethereum transfers. Regular Ethereum transfers are tied to 94,800 ETH that has been burned since the August upgrade. The decentralized exchange platform (Dex) Uniswap V2 (version 2) is the third largest Ethereum burner since the upgrade. 92,239 Ether or Ethereum worth $ 373 million using today’s exchange rates were burned due to the use of Uniswap V2.

The stablecoins Tether (USDT) and the usd coin (USDC) also contribute to a lot of Ethereum burning. While Tether (USDT) is the fourth largest burner behind Uniswap V2, USDC is now the seventh largest Ethereum burner. Tether of 11,499,787 transfers is traced back to 53,988 ethers burned, or $ 210 million. USDC helped burn 20,042 ethers, or $ 77 million, today. Other uses like Metamask, 1inch, Sushiswap, and Axie Infinity also contribute to much ether burn.

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Blockchain, Burn Rate, Deflationary, EIP-1559, ETH, ETH Fees, ETH Markets, ETH Transfers, Ether, Ethereum, Ethereum (ETH), Fee Burn, Fees, Fees Spike, Hard Fork, London, London Fork, London Upgrade, Opensea, rule rate change, stablecoins, Tether, Uniswap, USDC, USDT

What do you think of the 1 million ethers that have been burned since August 5th? Let us know what you think on this matter in the comments below.

Photo credit: Shutterstock, Pixabay, Wiki Commons, Dune Analytics,

Disclaimer of liability: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement for any product, service, or company. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author are directly or indirectly responsible for any damage or loss caused or allegedly caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Jack Dorsey’s Twitter departure means more time for bitcoin passion

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Jack Dorsey, Co-Founder and CEO of Twitter Inc. and Square Inc., speaks during the Bitcoin 2021 conference in Miami, Florida, USA, on Friday, June 4th, 2021.

Eva Marie Uzcategui | Bloomberg | Getty Images

The decentralization of power on the Internet is an important personal issue for Dorsey. At Twitter, he led funding for a project called BlueSky, which is a set of openly published standards for social media companies to make it easier for users of different social media networks to communicate with one another. New Twitter CEO Parag Agrawal has played a pivotal role in pursuing this vision, which is a reminder of how the Internet was originally built on common standards.

Dorsey has also been vocal in advocating decentralization of the workplace. Twitter was one of the first to announce the possibility of employees working from home indefinitely in the wake of the Covid-19 pandemic. In addition, Dorsey had discussed moving a part-time job to Africa to “work decentralized,” although he withdrew that plan when the Covid pandemic became more serious.

Tom Lee, the head of research at Fundstrat Global Advisors, told CNBC that the changing of the guard on Twitter was “up for crypto.”

“There is not enough capital available for crypto-innovations, so people like Jack Dorsey really have to concentrate,” said Lee on Monday at CNBC’s “Tech Check”.

Square’s foray into crypto

Square also kicked off its crypto-focused projects this year. With Dorsey now relieved of his responsibility on Twitter, many are excited to see what crypto tasks Square will take on next.

The company started trading bitcoin in 2018 using the Cash app, which allows users to buy and sell bitcoin. In 2019, Square founded Crypto, an independent team dedicated to contributing to bitcoin open source work, and just last year Square founded the Cryptocurrency Open Patent Alliance (COPA), a non-profit organization that aims to Pool patents to fuel crypto innovation.

Square announced in July that it was launching a new business dedicated to building decentralized financial applications (DeFi) for Bitcoin, which Dorsey described as “an open developer platform with the sole aim of creating untrusted, license-free, and decentralized financial applications simplify”. Services.”

In October, Square’s CEO said the company could get into the bitcoin mining business, and earlier this month the payments company released a whitepaper outlining plans to launch “tbDEX,” its own decentralized exchange for buying and selling Selling cryptocurrencies, will be described in detail.

The payment giant is also building its own hardware wallet to “make Bitcoin custody more mainstream”.

Square added Bitcoin to its balance sheet, attributing the election to an alignment of values. The company recorded a fair value of $ 351.7 million on its Bitcoin investment as of September 30.

“We believe Bitcoin has the potential to be a more ubiquitous currency in the future,” said Amrita Ahuja, Square’s chief financial officer. “As acceptance increases, we intend to learn and participate in a disciplined manner. For a company that develops products that are based on a more inclusive future, this investment is a step on the way.”

Investments like this come at a critical time for the crypto industry.

“I don’t think the place is over-invested yet,” said Lee. “Crypto is the interface between financial services and technology. That is literally 60% of the economy. “

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Cryptocurrency Billionaire Justin Sun Has Bought More Than $100 Million Worth of Art This Year. So What’s He Going to Do With It?

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When Sotheby’s record-breaking Macklowe Collection auction received the winning bid of $ 78.4 million for Giacometti’s Le Nez (1947) earlier this month, curious minds immediately began to speculate who the buyer was. Maybe it was hedge funder Steve Cohen, a longtime collector of the artist’s work? Or maybe the Qatari royal family?

Just a few days after the sale, the real buyer showed up: Justin Sun, the Chinese-born, 31-year-old tech billionaire and founder of the cryptocurrency platform TRON. The news served as positive evidence that at least some of the new crypto rich are putting their money into the arts. So far this year, Sun has spent more than $ 100 million on auctions.

Now the entrepreneur says he’s just beginning to build his art collection – and his appetite includes installations, videos, classic contemporary and more. Although he was unable to attend Art Basel Miami Beach due to travel restrictions, plans to buy through galleries and in the primary market soon, he said, with an eye to emerging talent. These purchases are displayed in the metaverse as the IRL items are loaned to institutions around the world.

Alberto Giacometti, Le Nez. Conceived in 1947; this version was conceived in 1949 and cast in 1965. Courtesy Sotheby’s.

“Because our goal is to build the best and most diverse collection of contemporary art, we’re interested in a variety of art forms and categories such as video, music, installation, and AI art that we don’t already have,” said Sun. “Most of the works of art we own are static and we strive to diversify our collections to enrich our museum in the Metaverse … art that anyone can see and engage in interesting conversations to spark creativity.”

In addition to Le Nez, Sun has acquired a Picasso portrait of Marie-Thérese valued at £ 14.6 million ($ 20 million); a triptych of “Dread Wig” portraits by Andy Warhol for £ 1.4 million ($ 2 million); KAWS Untitled (Kimpsons) (2001) for HK $ 2.5 million ($ 323,647); and Cube by top NFT artist Murat Pak.

Many of these works, acquired from Sun through the APENFT Foundation, are now being digitally assimilated to “see” in the APENFT Virtual Museum on cryptovoxels in the Metaverse, a virtual world powered by the Ethereum blockchain. Those who have the technology – Oculus Quest, Oculus Rift, and HTC Vive – can explore it up close.

“The traditional art world is extremely opaque and buying art is seen as only for the privileged,” Sun said. “Just as blockchain democratizes finance like never before, we want to democratize the art market by registering blue-chip art as NFTs in the blockchain and enabling a creative economy.”

Sun hopes to bridge the gap between the metaverse and the art world universe by loaning some of the physical works to institutions. “We look forward to working with some of the world’s leading museums to further explore this concept and, more importantly, bring its real world application to the art world,” he said.

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Cryptocurrencies brace for winter, virtual Adidas and a bitcoin city

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A representation of the virtual cryptocurrency Bitcoin can be seen in this illustration from October 19, 2021. REUTERS / Edgar Su / File Photo

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  • Omicron worries weigh on important cryptocurrencies
  • Ether and other DeFi, Metaverse-Linked Tokens outperform Bitcoin
  • El Salvador wants to build “Bitcoin City”
  • Adidas cooperates with Coinbase

Nov 29 (Reuters) – Cryptocurrencies last week survived one of the biggest market shocks since the early days of the pandemic, with El Salvador being a notable buyer as investors decided not to share Adidas’ excitement over a foray into the busy Metaverse.

El Salvador’s plans to build the world’s first “Bitcoin City” and the entry of Adidas were the bright spots for digital assets in a week in which major cryptocurrencies were overwhelmed by fears about the new Coronavirus variant Omicron.

Bitcoin was down 0.5% on Monday and has lost about 17% of its value in the past 19 days from a record $ 69,000. But competing currency ethers and tokens associated with the metaverse and decentralized financial applications have done better.

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Adidas’ move made waves after the German sporting goods retailer announced a partnership with Coinbase Global Inc (COIN.O) in a tweet, even though the shares of Adidas (ADSGn.DE) did not participate in the celebration.

The company also bought a piece of virtual land called “adiVerse” in the blockchain-based world The Sandbox, with the German company hinting that it would expand it to offer virtual reality products, and comes at a time when it does Best seller warned due to supply chain issues.

“This is something big because it is also an indication of what will hit the fans in the NFT area in a few months: the Adidas sneakers and other virtual branded clothing, shoes and objects,” said Ipek Ozkardeskaya, senior analyst at Swissquote .

The price of SAND, the virtual currency used to buy real estate and other items, rose 90% on the news to $ 7.18, according to CoinGecko, and received a second spike since Facebook in Meta Platforms Inc late last month ( FB.O) was renamed. Continue reading

MANA, the speculative currency used in the leading blockchain-based online world, Decentraland, rose 36% to $ 4.90. Land and other items on Decentraland are sold in the form of non-fungible tokens (NFTs).

In addition to the sell-off sparked by the Omicron news, the biggest headwind for Bitcoin and Ether last week came from an announcement by the Indian government about a law that would restrict most private cryptocurrency transactions by the country’s estimated 15 to 20 million crypto investors would prohibit. Continue reading

‘SURVIVE WINTER’

Bitcoin traded around 4,376,477 Indian rupees ($ 58,296.12) on India’s WazirX exchange, a slight premium to outside of the country prices that reversed from a 15% discount on Tuesday following the announcement.

“When it comes to a blanket ban, in combination with China you are talking about two centers of the world’s population that are effectively frozen out of crypto,” said Simon Peters, crypto analyst at eToro.

Elsewhere, the President of El Salvador announced plans to build the world’s first “Bitcoin City”, which was originally financed by Bitcoin bonds. In September El Salvador introduced Bitcoin as legal tender. Continue reading

Average daily trading volume across all digital asset product types declined an average of 13% through the end of October through November 19, while net inflows averaged $ 203 million, half of October, according to data from CryptoCompare.

It found that assets under management in Bitcoin-related products rose by 9.5% to 48.7 billion in the first three weeks of November.

Decentralized finance-related tokens Solana (SOL) and Litecoin-based products achieved in the 30 days to 19

A piece of virtual real estate in Decentraland was sold for a record $ 2.4 million in cryptocurrency on November 23, the buyer – crypto investor Tokens.com (COIN.NLB) – and Decentraland said. Continue reading

Meanwhile, the upcoming December holiday season could add volatility, while the Fed’s economic slowdown for Bitcoin could be on the decline, analysts said.

“There should be more agnostics focused on the fact that we’re in a bad part of the crypto cycle here – the fixes could be epic,” said Brent Donnelly, president of research firm Spectra Markets.

“Make sure you can survive the winter.”

($ 1 = 75.08 Indian Rupees)

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Reporting by Lisa Pauline Mattackal and Medha Singh in Bengaluru Additional reporting by Tom Westbrook in Sydney Editing by Vidya Ranganathan and

Our Standards: The Thomson Reuters Trust Principles.

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