Burnt Supply
Last updated
Was this helpful?
Last updated
Was this helpful?
The total Base Fees paid for transactions during a time interval (e.g. 1 day).
The concept of a Base Fee was introduced as part of and it represents the portion of the total transaction fees that is destroyed and taken out of circulation (i.e. burnt). Ethereum post-1559 requires users to pay for a Base Fee as a prerequisite to include transactions in a block. The Base Fee can go up or down on the basis of the size (in gas units) of the previous block. In times of congestion, where blocks are sequentially increasing in size, paying a Base Fee does not guarantee that a transaction will be included in a block. In such events, users can optionally pay an additional Miner Tip to nudge miners to include their transactions in their block.
Total Base Fees Burnt (USD)
SplyBurntUSD
USD
1 day, 1 hour
Total Base Fees Burnt (Native Units)
SplyBurntNtv
USD
1 day, 1 hour
EIP1559 was a highly anticipated proposal that changes how transaction fees are priced in Ethereum, as well as the dynamics of block sizes.
The proposal activated on the Ethereum Network in August of 2021 and marks one of the biggest changes in monetary policy in the history of cryptoassets.
Instead of the legacy gas price, 1559 splits transaction fees into two distinct fields: a Base Fee and an optional Tip (also known as a Priority Fee).
This metric calculates the total Base Fees paid in transactions that have occurred in the network over the measuring period (e.g. 1 day).
For a thorough review of EIP1559 and the design of its pricing mechanism, please refer to .
For SOL, this metric is calculated as the sum of the burnt portion of fees paid (50% of all fees paid in the time period) and all incinerated coins/tokens. Does not include coins/tokens sent to ownerless addresses.
Base Fees fluctuate on the basis of network utilization. If there is high demand for transaction settlement, Base Fees go up, and as demand fades, Base Fees go down.
The pricing of Base Fees is inextricably connected to size of blocks in the blockchain. Upon the the activation fo EIP-1559, the maximum size of blocks in Ethereum (measured in units of gas) was more than doubled to 30M.
Although blocks are larger, this pricing mechanism attempts to target an average of 15M gas units per block, and an exponential function is used to increase or decrease Base Fees so that this target is hit.
If, for example, the previous block was above 15M units of gas, the base fee is increased. If there are several sequential blocks above the 15M target, Base Fees increase exponentially which disincentivizes users from transacting.
Changes in Base Fees over time can depict changes in demand for block space. When miner tips have to be used due to Base Fees not being enough, this is a sign of network congestion.
Released in the 5.0 release of NDP (August, 2021)
Burnt Supply metrics can be accessed using these endpoints:
timeseries/asset-metrics
and by passing in the metric ID's SplyBurnt*
in the metrics
parameter.
Returns requested metrics for specified assets. Results for block by block metrics (1b
frequency) are ordered by tuple (asset, height, block_hash)
, all other metrics are ordered by tuple (asset, time)
. You can change the sorting using sort
query parameter. Supported output formats are json
(default) and csv
, use format
query parameter to override it. To fetch the next page of results use next_page_url
JSON response field or x-next-page-url
CSV HTTP header if present. If multiple metrics are requested in the same time the strict policy for partially available metrics among requested ones is applied:
Comma separated list of assets. Use the /catalog-all/assets endpoint for the full list of supported assets or specify asterisk (*) in order to get metrics for all supported assets.
Comma separated metrics to request time series data for. Information on all available metrics can be found on page https://coverage.coinmetrics.io/asset-metrics-v2. Use the /catalog-all/metrics or /catalog-all/assets endpoint for the full list of supported metrics per asset.
["AdrActCnt","BlkHgt"]
Frequency of the metrics. Supported values are 1b
(block by block), 1s
(one second), 1m
(one minute), 5m
(five minutes), 10m
(ten minutes), 1h
(one hour), 1d
(one day), 1d-ny-close
(one day at New York close time). Please refer to the /catalog/metrics
endpoint for the full list. Use the /catalog-all/assets endpoint for the full list of supported frequencies per asset-metric pair.
1d
Example: 1b
Which metric values do you want to see. Applicable only for "reviewable" metrics. You can find them in the /catalog/metrics
endpoint.
all
Available options: Start of the time interval. This field refers to the time
field in the response. Multiple formats of ISO 8601 are supported: 2006-01-20T00:00:00Z
, 2006-01-20T00:00:00.000Z
, 2006-01-20T00:00:00.123456Z
, 2006-01-20T00:00:00.123456789Z
, 2006-01-20
, 20060120
. Inclusive by default. Mutually exclusive with start_height
and start_hash
. UTC timezone by default. Z
suffix is optional and timezone
parameter has a priority over it. If start_time
is omitted, response will include time series from the earliest time available.
End of the time interval. This field refers to the time
field in the response. Multiple formats of ISO 8601 are supported: 2006-01-20T00:00:00Z
, 2006-01-20T00:00:00.000Z
, 2006-01-20T00:00:00.123456Z
, 2006-01-20T00:00:00.123456789Z
, 2006-01-20
, 20060120
. Inclusive by default. Mutually exclusive with end_height
and end_hash
. UTC timezone by default. Z
suffix is optional and timezone
parameter has a priority over it. If end_time
is omitted, response will include time series up to the latest time available.
The start height indicates the beginning block height for the set of data that are returned. Inclusive by default. Mutually exclusive with start_time
and start_hash
.
The end height indicates the ending block height for the set of data that are returned. Inclusive by default. Mutually exclusive with end_time
and end_hash
. This parameter is disabled for Community users.
The start hash indicates the beginning block height for the set of data that are returned. Inclusive by default. Mutually exclusive with start_time
and start_height
.
The end hash indicates the ending block height for the set of data that are returned. Inclusive by default. Mutually exclusive with end_time
and end_height
.
Inclusive or exclusive corresponding start_*
parameters.
true
Inclusive or exclusive corresponding end_*
parameters.
true
Specifies how many blocks behind the chain tip block by block metrics (1b
frequency) are based on. Default for btc
is 2
and 99
for eth
. For example, a min_confirmations
of 0
means metrics are being calculated for the block at the tip of the chain (the latest block received by our node) whereas a min_confirmations
of 6
means that metrics are being applied to the block that is 6
blocks behind the chain tip (i.e., the 7th block if the chain tip is block 1).
Timezone name for start_time
and end_time
timestamps. This parameter does not modify the output times, which are always UTC
. Format is defined by TZ database.
UTC
Example: America/New_York
Number of items per single page of results. The value of this parameter is ignored if the endpoint supports the format
parameter and its value is set to json_stream
.
100
Where does the first page start, at the start of the interval or at the end. The value of this parameter is ignored if the endpoint supports the format
parameter and its value is set to json_stream
.
end
Available options: How results will be sorted. Metrics with 1b
frequency are sorted by (asset, height, block_hash)
tuples by default. Metrics with other frequencies are sorted by (asset, time)
by default. If you want to sort 1d
metrics by (time, asset)
you should choose time
as value for the sort
parameter. Sorting by time
is useful if you request metrics for a set of assets.
asset
Available options: How many entries per asset result should contain. For example, this combination of parameters assets=btc,eth&metrics=ReferenceRate&limit_per_asset=1
returns the latest ReferenceRate
values for btc
and eth
.
Human-readable formatting of JSON responses.
false
Format of the response.
json
Available options: Nulls are represented as zeros in the response.
false
Token for receiving the results from the next page of a query. Should not be used directly. To iterate through pages just use next_page_url
response field.
Ignore "forbidden" errors for the items you currently don't have access to.
false
Ignore "unsupported" errors for not currently supported by Coin Metrics items.
false
Time series of asset metrics.