Ethereum Users pay $1 Billion in Transaction Fees

With EIP-1559 activated, Ethereum inches closer to being a deflationary asset. As part of the immediate reaction to the activation of the London Hardfork, Ether has burned close to a billion dollars over the last 30 days.

This was revealed in an infographic detailing the Ethereum network fees released by Token Terminal.

Details of the statistics shared by TokenTerminal indicated that users of ETH network have paid over $1,000,000,000 in equivalent for having their transactions added to Ethereum’s blocks.

However, about 82.45 percent  of these network fee amount was destroyed over last 30 days.The destroyed amount, totalled over $824,000,000.

In period like this, when more Ether get burned than created, it means the supply is heading towards a deflationary one.

You’ll recall that this mechanism was actvated on Aug. 5, 2021, on the network mainnet and since then, more than 500,000 Ethers have been destroyed. This process reduces selling pressure and is oftenly treated as a bullish catalyst for the digital cryptocurrency.

On the other hand, the second edition of ETH Merge has hit the industry.

The merge represents the transition from a proof-of-work (PoW) network to a proof-of-stake (PoS) consensus.

On Oct. 8, 2021, Ethereum core developers activated The Merge in a multi-client closed developer network with Besu, Erigon, EthereumJS, Geth, Nethermind, Nimbus, Lighthouse, Lodestar, Quilt, Prysm and Teku clients onboard.

As explained by Eth Foundation’s Tim Beiko, from Q4, 2021 – Q1, 2022, Pithos devnet will be stress tested by contributors and enthusiasts of the crypto queen.

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