500k Ethereum was "burned" on the cryptocurrency network

The process of altcoin burning started after the London updаte, which was activated on August 5. The value of all destroyed coins has now exceeded $1.75 billion

500k Ethereum was "burned" on the cryptocurrency network

More than 500,000 Ethereums worth more than $1.75 billion have been “burned” since August 5, according to ultrasound.money. The average burn rate per minute at the moment is 5.2 ETH worth about $18,500.

In early August, the altcoin network released an updаte to London, which completely changed the mechanism for charging transaction fees. Some of the commissions that miners used to receive as rewards are now burned.

Burning is the destruction of part of the tokens to reduce their number in circulation. This method is used to fight inflation and increase the value of cryptocurrency. All coin burning transactions are recorded on the blockchain as a transaction, so anyone can verify that the coins were destroyed.

Ethereum has been destroyed the most since Aug. 5 as a result:

Transactions on the OpenSea NFT marketplace – 74,500 ETH;

Transfers on the Ethereum network – 44 thousand ETH;

Transactions on the crypto exchange Uniswap V2 – 27.3 thousand ETH;

Transactions with stabelcoin USDT – 23.9 thousand ETH.

Earlier, CoinShares published a survey in which most participants expect Ethereum to surpass bitcoin over time. 42% of respondents believe that altcoin has the best prospects for growth. At the same time 18% of survey participants believe in bitcoin.

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