On February 9, the American professional baseball team based in Washington, D.C., the Washington Nationals, announced the team has partnered with Terra, the open-source blockchain platform and decentralized autonomous organization (DAO). The Washington Nationals detail that the team is a “leading innovator” and is “consistently introducing new technologies to enhance the fan experience.” Washington Nationals Ink Long-Term Deal With Terra Major League Baseball (MLB) team the Washington Nationals has partnered with the blockchain platform and DAO Terra, according to an announcement published by the team on Wednesday. The deal with Terra follows a slew of sports-related deals with crypto firms, but the MLB team will be the first to partner with an open-source blockchain project. In addition to the partnership, the algorithmic stablecoin UST that’s issued on the Terra blockchain will be “accepted as a payment method at Nationals Park as early as next season.” “The Nationals continue t...
At current burn rates, 2.3 ETH per minute, or $6,600 is going up in smoke.
Approximately 2.3 ETH is being burnt every minute through the new transaction fee mechanism introduced in Ethereum’s London upgrade on August 5.
The highly anticipated London hard fork went live on Wednesday this week, ushering in the EIP-1559 upgrade that adjusted gas fees. Part of that adjustment introduced a mechanism that burns some of the base fees collected.
The total amount of ETH burnt since the upgrade went live around 14 hours ago is roughly 3,395 ETH according to the various counters available. Etherchain reports an average burn rate of 2.36 ETH per minute. This equates to $6,596 per minute, or around $395,000 of ETH going up in metaphorical smoke every hour at current prices.
An alternative counter called Ultrasound.money reports a total burn of 3,390 ETH worth a whopping $9.5 million at the current ETH price around $2,800. The tracker reports that the popular NFT marketplace OpenSea is the top ETH burner with 374 ETH, or just over $1 milliondollars, destroyed since the upgrade was launched.
In second place was Uniswap’s version 2 which had burned 263 ETH, or $740,000, at the time of writing. Uniswap founder, Hayden Adams, commented on the burn rate stating that if things continue at the same rate, the protocol could burn as much as 350,000 ETH, or almost $1 billion per year.
It’s been 2 hours since the launch of EIP-1559
— Hayden Adams (@haydenzadams) August 5, 2021
@Uniswap (v2+v3) is doing its part burning ~80 ETH so far
❤️❤️ At this rate, Uniswap alone is burning 350,000 ETH - close to $1b worth - per year
Congrats to everyone who made EIP-1559 happen. Huge win for Ethereum
Related: A London tour guide: What the EIP-1559 hard fork promises for Ethereum
The Bankless DeFi newsletter threw around some figures in an attempt to predict the impact on future supply. Since the base fee is anywhere between 25% and 75% of the total transaction fee, manual calculation and predictions are difficult.
It modeled burn rates within this range using data on fees generated in 2021 and concluded:
“Annualizing these figures, this means that between 800,000 — 2.4 million ETH is projected to be burned in 2021.”
When combined with the reduction in block reward issuance from the merge to proof-of-stake, the fee burning could lead to Ethereum having a deflationary supply, which would see it fulfill the increasingly used meme of “ultrasound money”.
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