$4.6 Billion in Ethereum Up in Flames Since EIP-1559

bitcoin January 21, 2023 Ethereum Leave a comment 17 Views

Decrypting DeFi is Decrypt’s DeFi email newsletter. (art: Grant Kempster)

Over the past week, Ethereum is burning hotter than ever.

As part of EIP (Ethereum Improvement Proposal) 1559, launched all the way back in August 2021, the protocol has been burning ETH (crypto lingo for destroying) at a massive rate.

As per EIP-1559, a portion of all Ethereum transactions are destroyed: a piece of every NFT trade, yield strategy, and even simple token transfers. It’s all getting torched.

Since…


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