Sunday, December 3, 2023

$5.7 billion worth of Ethereum burned since implementation of EIP-1559

More than two million Ethereum, worth around $5.7 billion, has been burned since the implementation of EIP-1559. This was done to help stabilize the high gas fees that the Ethereum network is suffering from. Experts say that this will help tackle inflation.

About 1.9 million Ethereum coins were permanently removed from the circulating supply. Additional burnings of 100,000 came about in just a few weeks. It should be noted that much has happened in the Ethereum network since the London hard fork. The merge was integrated successfully into the Kiln testnet. This brought the beacon chain to the latter. The network’s developers said more testnet integrations will come for the merge.

The Ethereum Foundation asked its stakeholders to conduct tests on Kiln for a smooth transition. Ethereum achieved a large milestone. This also brought the start of a major stretch of integrations.

Vitalik Buterin, the co-founder of Ethereum, recently highlighted EIP-4844. He said it would introduce a feature called Danksharding. This is a new sharding design that introduces some simplifications compared to the previous designs. Buterin believes that Danksharding will introduce the merged fee market, wherein the user can choose all transactions and all data fits into the slot. He explained that instead of there being a fixed number of shards that each have different blocks and block proposers, there is only one proposer that chooses all transactions and all data. Ethereum has introduced proposer/builder separation to choose the contents of the slot. The proposer only needs to select the valid header with the highest bid.

The changes are expected to give Ethereum leverage against fellow blockchains like Solana and Cardano.

Cryptured Team
Cryptured Team
The writers team at is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.

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