Ethereum Burn Surpasses 1.5 Million ETH Ahead of Dencun Upgrade

Ahead of the impending Ethereum Dencun upgrade, significant developments are already underway. Notably, Ethereums price has surged to its highest levels in two years, accompanied by a substantial increase in the amount of Ethereum that has been burned.

More than 50,000 ETH Burned

Since the implementation of the EIP-1559 upgrade, Ethereums burn mechanism for transaction fees has steadily gained momentum over the past year. The total amount of ETH burned from transaction fees on the blockchain has surpassed the $100 million milestone and has now exceeded 1.5 million ETH.

Ultrasound Money, a platform dedicated to monitoring Ethereums performance post-EIP-1559, reports that the current figure stands at 1,502,518.84 ETH, equivalent to over $5.6 billion at current market prices.

The amount of burned ETH has surpassed the amount of new ETH issued, indicating a deflationary trend in the network. While 1,089,809.20 ETH have been issued during the same period, the total burned ETH exceeds this figure, demonstrating a reduction in the overall supply despite the ongoing issuance.

Since the upgrade in 2022, Ethereums total supply has gradually decreased from 120,521,245 to 120,108,332 ETH, representing a reduction of 412,706 ETH valued at $1.55 billion.

Anticipation for the Ethereum Dencun Upgrade

The Ethereum Dencun upgrade marks the latest in a series of improvements aimed at enhancing the networks performance. This upgrade is anticipated to bring several enhancements, including increased efficiency and capacity.

The upgrade has already been deployed on all testnets, signalling the final phase before its official launch. The launch itself is scheduled to occur less than a week from now, on March 13. Following the upgrade, an expansion in block space is anticipated.

Leading up to the upgrade, Ethereums price has shown robust performance, reaching $3,900 for the first time since 2022. Although there has been a minor retracement, the altcoin remains well above $3,700 at the time of writing.