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.
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According to u.today
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