The London hard fork (EIP-1559) caused $30 million from the Bitcoin network to be withdrawn from circulation. The event took place on August 5 and was triggered by a change in the way miners are paid for their work.
The scoreboard of gas burners is dominated by NFT initiatives, with the NFT marketplace OpenSea leading the way. Since the Bitcoin-based cryptocurrency’s developers changed the network to burn transaction fees, $30 million worth of ETH (ethereum) has already been burnt.
One of five changes to the world’s largest virtual currency, EIP-1559, was applied on August 5 as part of a hard fork. EIP 1559 proposes an algorithmically decided alternative to the current auction-style transaction cost structure.
Users of the cryptocurrency will no longer receive transaction fees unless they explicitly opt to “tip” miners. Instead, the fees will be destroyed, lowering the overall supply of the currency in circulation.
CryptoPunks trading frenzy has squandered $4.1 million this year, according to data on the NFT marketplace OpenSea. The decentralized exchange Uniswap V2 has burnt 810 ETH (ethereum) or $2 million in transactions since last week. According to data from Ultrasound.money, 1,332 ETH (ethereum) has been burnt in the first three weeks of this year.
A new game, Axie Infinity, has burned 626 ETH (ethereum) or $1.9 million on its first day of trading. It is the third game in a series of three created by the Bitcoin-based app maker. The company says it will not be affected by the losses.
Base on a new analysis, the top five gas-guzzling projects on the Ethereum network consumed $1.6 million in the first quarter of 2018. COVIDPunks, a CryptoPunks rip-off with a pandemic twist, is the fourth-highest gas-governing project on the NFT. USDT (Tether), a stablecoin with a market valuation of $62 billion, is in the fifth position, with 510 ETH (ethereum) or $1.5 million burned.
The London hard fork of the Bitcoin-based cryptocurrency has fundamentally altered how miners are compensated on the blockchain. But there is still more upheaval to come for the system, with a possible switch to proof-of-stake. The future of the technology remains uncertain, however.