ETH burned

This visual illustrates the burning status of Ethereum - the second-highest market capitalization cryptocurrency.

Following the implementation of the Ethereum Improvement Proposal 1559, over 3862000 ETH, currently worth 8.7 billion dollars, was removed from circulation. The ongoing burn rate stands at 3.73 ETH per minute, an approximate value of 8500 USD. This rate corresponds with a deflation rate of 3.2 percent, as depicted by the clock on the right side.

At present, the average base fee for Ethereum transactions is 43.5 GWei. The block utilization is relatively low at 50%. Given these traffic conditions, transactions can be processed swiftly at a reasonable cost.

Although the Gas Target is at 15 million, the Ethereum blockchain typically operates below its full capacity. Therefore the system has substantial capacity for more future users and applications.

052 - jaken - 21/12/2023