Over 913,000 ETH Worth $4.3 Billion Permanently Lost, Highlighting Major Ethereum Supply Destruction
Main Idea
Over 913,000 ETH worth $4.3 billion has been permanently lost due to user errors and vulnerabilities, accounting for more than 0.76% of Ethereum's total supply, with EIP-1559 burns contributing to a total loss exceeding 5% of all ETH ever created.
Key Points
1. At least 913,111 ETH, valued at $4.3 billion, has been permanently lost, representing over 0.76% of Ethereum’s supply.
2. Combined with EIP-1559 burns (5.3 million ETH), the total permanent destruction exceeds 5% of all ETH ever created, equating to $24.2 billion in value.
3. Major causes of loss include the Parity Multisig vulnerability (306,000 ETH), Quadriga smart contract failure (60,000 ETH), and NFT minting failures (11,500 ETH).
4. The EIP-1559 upgrade introduced a burn mechanism that permanently removes ETH from circulation, contributing to Ethereum’s deflationary supply.
5. Users can minimize ETH loss by securely managing private keys, using hardware wallets, and avoiding risky smart contracts.
Description
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