ETH Burns Can Further Heat UpAug 19, 2021
On Monday, we spoke about EIP-1559 burns amounting to 17,000 ETH ($53 mn at the time) in the first five days since the London Hard Fork. Just two days later, 10,000 more ETH has been burned, taking the total up to 27,000 ETH or $88 million in cumulative burns.
The old style of Ethereum transactions where miners receive the entire fee now co-exists with EIP-1559’s burn-and-tip transactions. Interestingly, EIP-1559 transactions still account for the minority of Ethereum transactions since launch. As the rate of adoption grows, it seems logical to expect ETH burning to steepen.
You can see in the chart that there are periods where the rate of EIP-1559 transactions spikes higher than the average. We found that these readings are clustered between 12 and 4 AM UTC, which is roughly morning in Asia and late evening/night in the West.