Over 1 million Ethereum have been burned since the cryptocurrency went through a technical upgrade called the EIP-1559 protocol in August, according to a Tweet on Wednesday from market data aggregation and analytics platform CryptoRank.
Background: The EIP-1559 protocol, also known as the London Hard Fork, resulted in some Ethereum being burned to lower inflation of the coin and limit transaction fee volatility.
Details: According to the CryptoRank research, the 1 million burned Etherum would be worth over $4 billion.
Numbers: Since August, the price of Etherum has been up by over 25% and reached a new high earlier in November.
Final Thoughts: Most Etherum traders will say that the EIP-1559 protocol has been positive, but we’ll have a better idea about the long-term impact in 2022.
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