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The past two years have witnessed a whirlwind of activity on the Ethereum network. A momentous change was set in motion with the enactment of the Ethereum Improvement Proposal, or EIP 1559. Since then, Ethereum's London hard fork has overseen the astonishing obliteration of 3.33 million ETH, equivalent to a staggering $6.1 billion. The current burn rate stands at approximately 3.51 ether every minute, solidifying this distinctive feature of the Ethereum network.
A prominent participant in the extensive burning operation since August 5, 2021, has been the Opensea platform. It has made a significant impact by annihilating 230,050 ETH. This major event in Ethereum's timeline has set the stage for future developments. In just the first 90 days, over 700,000 ether was removed from circulation, indicating the potential scale of future burn rates.
The primary source fueling this burning comes from everyday ether transfers. Regular ether transactions have led to the eradication of a substantial amount, totaling 285,576 ETH, with an estimated value of $522 million. Following closely is Opensea, the second-largest contributor to the burning, having destroyed 230,050 ETH through related transactions. Uniswap v2 transactions have also made a significant impact, obliterating 179,571 ether since 2021. Combined, these three entities account for nearly 700,000 ether.
There are also other noteworthy contributors to the burning. Tether's ERC20 transactions have played a role in the destruction of 146,837 ETH, and Uniswap v3 transfers have resulted in the removal of 120,889 ETH from circulation. The all-time leaderboard of major burners includes prominent names such as Metamask, USDC, Otherdeed, and the formation of new contracts, showcasing the diverse range of participants in Ethereum's unique burning event.
