(Cointelegraph) Around 3,395 ETHs have been burnt since the EIP-1559 upgrade was announced on Thursday, with the average burn rate said to be up to $395,000 ETH per hour.
Gas fees were adjusted following the highly anticipated “London hard fork” that ushered in the EIP-1559 upgrade, with the adjustment introducing a mechanism for burning some of the base fees.
Analysts project Ethereum to reach a deflationary supply after the upgrade, also boosted by a reduction in block reward issuance.
Uniswap founder Hayden Adams projects the protocol to burn as much as 350,000 ETH or about $1 billion per year if it continues at the current rate.
The bankless DeFi modeling data shows that between 800,000-2.4 million ETHs will be burned this year under the current base fee of 25% to 75% charged on the total transaction fee.
ETHUSD is down -3.11%.
