The London Update was the big test of the summer for Ethereum. Ten days later, the figures are good, and show that the success of the blockchain is more important than ever.
On August 5, the Ethereum blockchain underwent one of its most significant changes. An update, dubbed London, brought new things that changed the way the Ethereum blockchain works, and how ETH is produced.
London was long overdue, but it was also feared by some. The update made it possible to automatically start doing coin burn – which made miners fear a loss of income. Ten days after the establishment of London, it is time to take stock. And they’re pretty good.
140 million euros destroyed
According to figures from the specialist site Ultrasound, more than 51,400 ETH have been destroyed since London’s arrival, or more than 142 million euros depending on the price in values at the time of this writing. A burn rate of 3.29 ETH per minute on average, a quite significant figure, which shows the extent that Ethereum has taken in the world of cryptocurrencies.
Indeed, the update ushered in a new way of doing corner burn. Since August 5, with each transaction carried out on the blockchain, ETHs have been destroyed – in order to create demand by limiting the number of ETHs created. We must therefore see these 140 million euros as proof that the blockchain has been used.
Ultrasound also gives us other important figures: the ” burn leaderboard “, The table showing who destroyed the most ETH, allows you to see which activities on the blockchain concentrate the most operations. And NFTs are responsible for a significant portion of the traffic. Opensea, a very important NFT sales platform, alone accounts for 6,700 ETH destroyed, or nearly 13% of the total – a trend which shows that the fashion for NFTs is not about to end.
London shows blockchain is sustainable
The smooth running of the update bodes well for the future of blockchain. Some groups of miners were indeed unhappy with the change in the reward system and openly opposed the London project. The change finally went well, despite threats of a strike from some. But London shows that ” the Ethereum ecosystem is able to support significant changes Ethereum co-founder Vitalik Buterin told Bloomberg. ” I am all the more confident of the success of Convergence now . “
Convergence is the name given to the announced transition between the proof of work system and that of proof of stake. This change in the way the blockchain works should make it possible to move to a much more energy efficient system, and it has been expected for years. There is no official date for Convergence yet, but Ethereum engineers have announced that the switch to proof of stake will probably take place at the start of 2022. In the meantime, London is proof that the The enthusiasm for Ethereum is still there: its price has dropped from 2,290 euros before deployment to 2,780 euros as of this writing.