Ethereum has officially burned over two million ETH through the EIP-1559 upgrade carried out last year, with leading NFT market OpenSea in the lead, followed by Uniswap, StrongBlock, Tether, among others.
From the latest statistics in Watch the Burn It was found that the Ethereum network has destroyed over 2 million ETH, meaning almost $6 billion has been lost from the system.
Ethereum Enhancement Proposal (EIP) 1559 is one of the most popular upgrades on the second largest blockchain. The fee-burning proposal, which had an impact on deflation, was introduced last summer. as part of the London hard fork
Ethereum’s transition to the network proof-of-stake (PoS) is a movement that has been around for many years. and last week The network is integrated with the Kiln testnet and this is where the “merge” begins in the second quarter of this year. and is expected to be the final test network before the transition to proof-of-stake in the end
After the “merge”, the current PoW mechanism will be completely deprecated. And all blocks in the blockchain will be generated via PoS and will help Ethereum out of the environmental impact controversy.
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