Skip to content
Herald Sheets

Herald Sheets

Live Cryptocurrency News

Follow Herald Sheets on Twitter, Facebook, Telegram, Please Read Our Disclaimer

  • Homepage
  • Start Trading
  • Guide
  • Crypto News
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Ripple (XRP)
    • Dogecoin (DOGE)
    • Cardano (ADA)
    • Litecoin (LTC)
  • Analysis
  • Blockchain
  • Mining
  • Reviews
    • Brokers
    • Exchanges
  • Regulation
  • Press Release
  • About Us
    • Contact Us
    • Privacy Policy
    • Submit Press Release
  • Disclaimer
  • Altcoins
  • Cryptocurrency
  • Ethereum (ETH)
  • News

Ethereum Network Burned $30 Million worth of ETH within 48 Hours of EIP-1559 Launch

Larry Wright August 9, 2021 3 min read
Ethereum Improvement Proposal (EIP) 1559 Set To Have First Testnet Block

The new upgrade EIP-1559 went live on the Ethereum network two days ago. In a matter of two days, the new upgrade has shifted the traditional auctioned fees for miners and replaces it with a new algorithm-based alternative. The new upgrade is one part of the five major changes that are included in the London Hard Fork event.

EIP-1995 has burned $30 million worth of ETH tokens in a matter of two days. Users can still opt to tip the miners if they prefer. However, the fees are transferred to a burning algorithm rather than being awarded to the miners. With the completion of London Hard Fork, Ethereum 2.0 will merge once again with the mainnet, and the Proof-of-Work consensus will be replaced by the Proof-of-Stake model.


trade now

One of the largest fee-burning events was set off by a new NFT craze on the Ethereum network. Keeping in view the popularity of the Cyberpunks NFT project, a digital artist recently introduced 10,000 unique COVIDpunks NFT on the network. Since last week the project has become a new sensation among art lovers and resulted in the burning of 528 ETH tokens that are valued at $1.6 million at present.

The largest ETH gas burnout was witnessed on Ultrasound.money. This is an Ethereum date tracking service that burned 1,332 tokens valued at $4.1 million. Uniswap V2, a decentralized exchange, contributed by burning 810 ETH, whereas Axie Infinity is a game based on Ethereum NFT monsters that burned 626 tokens. 5th largest token burn was caused by USDT or Tether, which is a stablecoin, built on top of the ETH network.

New Upgrade will Open new Avenues for Ethereum Network

The Proof of Work consensus model of blockchains has been the center of criticism and ridicule by many critiques. This type of model generates a lot of carbon pollution and also requires a big chunk of energy. However, many miners show opposition towards this transition as it will change the old compensation method where they received a sizeable portion of gas fees.

Vitalik Buterin, one of the co-founders of the Ethereum network, recently told the media outlet Bloomberg that the London Hard Fork event is a testament to the notion that blockchain projects are capable of change. He further added that the option of making edits and upgrades gives him more confidence in the future and longevity of the said project.

Trade Now

HeraldSheets.com produces top quality content for crypto companies. We provide brand exposure for hundreds of companies. All of our clients appreciate our services. If you have any questions you may contact us easily with Herald Sheets Facebook Messenger App. Cryptocurrencies and Digital tokens are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by our authors and the views expressed in them do not reflect the views of this website. Herald Sheets is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. Read full terms and conditions / disclaimer.

Continue Reading

Previous: Pennsylvania to Establish Crypto Task Force
Next: UK-based Independent Legal Team To Tackle International Crypto Dispute

Related Stories

DeFiLlama is Facing an Internal Disagreement on the Matter of Forking the Blockchain Project
3 min read
  • Blockchain
  • Cryptocurrency
  • DeFi (Decentralized Finance)
  • News

DeFiLlama is Facing an Internal Disagreement on the Matter of Forking the Blockchain Project

March 30, 2023
Goldman Sachs Names Bitcoin the Best Performing Asset as Per Year-to-Date Evaluation
3 min read
  • Bitcoin (BTC)
  • Cryptocurrency
  • News
  • On-chain Data & Analysis
  • Price Analysis

Goldman Sachs Names Bitcoin the Best Performing Asset as Per Year-to-Date Evaluation

March 30, 2023
Cardano’s Rising TVL Value Fails to Pump ADA Price
3 min read
  • Altcoins
  • Blockchain
  • Cardano (ADA)
  • Cryptocurrency
  • DeFi (Decentralized Finance)
  • News
  • On-chain Data & Analysis
  • Price Analysis

Cardano’s Rising TVL Value Fails to Pump ADA Price

March 29, 2023

Top 10 Crypto

Name Price24H (%)
bitcoin
Bitcoin (BTC)
$28,441.00
4.16%
ethereum
Ethereum (ETH)
$1,796.38
1.14%
tether
Tether (USDT)
$1.00
-0.02%
binancecoin
BNB (BNB)
$314.56
0.29%
usd-coin
USD Coin (USDC)
$1.00
0.03%
ripple
XRP (XRP)
$0.55
4.59%
cardano
Cardano (ADA)
$0.380997
3.32%
dogecoin
Dogecoin (DOGE)
$0.075791
2.61%
binance-usd
Binance USD (BUSD)
$1.00
0.10%
polkadot
Polkadot (DOT)
$6.20
2.22%

Recent Posts

  • DeFiLlama is Facing an Internal Disagreement on the Matter of Forking the Blockchain Project
  • Goldman Sachs Names Bitcoin the Best Performing Asset as Per Year-to-Date Evaluation
  • Cardano’s Rising TVL Value Fails to Pump ADA Price
  • Congressional Hearing On Cryptocurrency Policy Puts SEC Chief Gary Gensler On the Hot Seat
  • DWF Labs Invests $40 Million In Fetch.ai To Deploy Decentralized Machine Learning
  • Hydra Ventures DAO Fund Raises $10M In New Funding Round
  • FTX’s $45M Bankruptcy Asset Sale Delays Embed Divestment Process
  • MetaMask Warns Users Of Fake Airdrop Rumors
  • Microsoft is Testing a Built-in Crypto Wallet for its Edge Web Browser
  • YouTube Influencers to Face Class Action Lawsuit for Promoting FTX
  • Singaporean Women Outperforms Men In Crypto Gains – Survey
  • Modification Of Crypto Banking Rules Possible If Market Reacts Strongly – Basel Committee Chair
  • Irene Zhao’s Crypto Social App Announces Fresh Fund Raise Of $4.5 Million 
  • What is a Network Effect and How Does It Work?
  • Circle Plans To Introduce Its USDC Stablecoin On The Cosmos Blockchain Network

Categories

You may have missed

DeFiLlama is Facing an Internal Disagreement on the Matter of Forking the Blockchain Project
3 min read
  • Blockchain
  • Cryptocurrency
  • DeFi (Decentralized Finance)
  • News

DeFiLlama is Facing an Internal Disagreement on the Matter of Forking the Blockchain Project

March 30, 2023
Goldman Sachs Names Bitcoin the Best Performing Asset as Per Year-to-Date Evaluation
3 min read
  • Bitcoin (BTC)
  • Cryptocurrency
  • News
  • On-chain Data & Analysis
  • Price Analysis

Goldman Sachs Names Bitcoin the Best Performing Asset as Per Year-to-Date Evaluation

March 30, 2023
Cardano’s Rising TVL Value Fails to Pump ADA Price
3 min read
  • Altcoins
  • Blockchain
  • Cardano (ADA)
  • Cryptocurrency
  • DeFi (Decentralized Finance)
  • News
  • On-chain Data & Analysis
  • Price Analysis

Cardano’s Rising TVL Value Fails to Pump ADA Price

March 29, 2023
Congressional Hearing On Cryptocurrency Policy Puts SEC Chief Gary Gensler On the Hot Seat
3 min read
  • Binance
  • Blockchain
  • Crypto Trading
  • Cryptocurrency
  • Decentralized Cryptocurrency Exchange (DEX)
  • News
  • Regulation

Congressional Hearing On Cryptocurrency Policy Puts SEC Chief Gary Gensler On the Hot Seat

March 29, 2023
Copyright © All rights reserved. | DarkNews by AF themes.
  • RelevantRelevant(REL)$0.825.35%
  • TadpoleTadpole(TAD)$7.32-1.74%
  • SEENSEEN(SEEN)$2.05-2.27%
  • EvedoEvedo(EVED)$0.082301-0.80%
  • MarginswapMarginswap(MFI)$0.184213-2.11%
  • SakeTokenSakeToken(SAKE)$0.0127135.28%
  • WTF TokenWTF Token(WTF)$0.0113500.17%
  • BNSD FinanceBNSD Finance(BNSD)$0.005461-5.83%
  • RobotinaRobotina(ROX)$0.00266138.50%
  • CageCage(C4G3)$0.005010-3.67%