Nearly $400,000-worth of Ether is being burned every hour after Ethereum’s London upgrade went live, CoinTelegraph reported.

  • Various counters available indicate that some 3,395 ETH have been burned after the London upgrade went live on Thursday, which introduced an adjustment in gas fees. An estimated 2.3 Ether is being burned per minute.
  • Etherchain indicated an average burn rate of 2.36 Ether per minute, equivalent to $6,596 per minute or $395,000 per hour. Ultrasound recorded 3,390 Ether burned, equivalent to $9.5 million at the current price.
  • OpenSea was ranked as the top burner after destroying some 374 Ether equivalent to over $1 million. Uniswap v2 followed with 263 Ether worth $740,000.

The Bankless DeFi newsletter estimates that between 800,000 to 2.4 million Ether will be destroyed this year, following the London hard fork. ETH is up 6.40%.