As of November 1, the Ethereum blockchain has already burned 710,000 ETH.
Thus, given the growth of ETH to $4,300, the value of the burned tokens exceeds $3 billion.
The token burning mechanism was launched in August 2021. Once EIP 1559 is activated, a portion of transaction fees are sent to inactive addresses.
Although the London upgrade was received with criticism, EIP 1559 made transaction fees on the Ethereum blockchain more predictable, and miner incomes increased.
Last week was the first in the history of the network when more ETH was burned than issued.
Subscribe to ForkNews on Telegram to stay up to date with news from the world of cryptocurrencies
According to u.today
You May Also Like
ETH sets a new record above $4,500
On November 2, the price of ether set a new all-time high above $4,500.
Google integrates Ethereum blockchain
Google's data analytics service, called BigQuery, will now display information about the Ethereum blockchain.
