One million ETH has been destroyed since the introduction of EIP-1559.

According to blockchain research firm CryptoRank, more than one million ethers have been demolished since the introduction of the EIP-1559 protocol in August. However, in terms of reasonable prices, Ethereum products continue to grow at a cost of around 1.2% per year.

Blockchain research firm CryptoRank said in a Twitter post on Wednesday that more than one million ETHer (ETH, valued at $ 4.24 billion) had been introduced since the introduction of the EIP-1559 protocol as part of the of the London August Hard Fork. broken. The EIP-1559 process changes the market value of Ethereum, changes the limit of the GAS rate and identifies the damage, which is part of the blockchain revenue from the revenue or withdrawal from circulation and final exit.

A number of decentralized apps that destroyed ETH include the popular NFT OpenSea.io platform and the NFT play-and-play Axie Infinity game. Since then, the packaging industry of exchanges such as Uniswap, 1inch, and Sushiswap has accounted for a significant portion of ETH damage. Part of ETH is also destroyed when exchanging stable coins such as Tether (USDT) and USD Coins (USDC) on the Ethereum blockchain. Finally, users who regularly trade ETH with users of MetaMask wallets also contribute to network performance.

@Ether Square The affected exchange rate has removed 1 million #ETH from network connections since deployment.

-CryptoRank Platform (@CryptoRank_io) November 24, 2021

According to data from Ultra Sound Money, 7.67 ETH was destroyed per minute and 11,042 ETH was destroyed daily. At the current rate, around 4 million ETH is destroyed each year. However, the current blockchain problems are around 5.4 million ETH per year. As a result, the costs of the Ethereum network continue to rise.

This will all change when the Ethereum 2.0 update is released next year, the network will switch from proof of operation approval to proof of fairness approval, and the promised reward will be less than the mining reward. Therefore, the release value of the blockchain is less than the damage, thus creating a deflationary ecosystem. Ultrasound Silver estimates that the ETH peak will start to decline after reaching 119.7 million in early 2022.