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The Ethereum Network Burned Almost 2 Million Coins in 2022

ByLouis Adams

Jan 16, 2023 #Ether
Reading time: < 1 minute

The Ethereum network burned about 1.8 million coins last year. At the same time, the pace of the process significantly decreased against the background of falling prices in Q2.

Since the activation of the EIP-1559 update, the Ethereum network has withdrawn nearly 2.8 million ETH from circulation.

The largest number of coins, 254,000 ETH, was withdrawn from circulation as part of transactions between users. NFT marketplace OpenSea and Uniswap v2 protocol took second and third place with 230,000 ETH and 145,000 ETH, respectively.

The developers switched the blockchain to the Proof-of-Stake consensus algorithm in the fall. Between September 2022 and January 2023, the issue of the asset increased by 3,146 ETH. If the network continued to use the PoW mechanism, the figure could have exceeded 1.38 million ETH.