Ethereum has been burned for $309 million in the past three weeks

Part of the transaction fees on the altcoin network began wiping out on August 5 after the release of the London updаte
Ethereum

More than 100,000 Ethereums worth $309 million have been burned since Aug. 5, according to ultrasound.money, a service that tracks coin destruction on the altcoin network. The average burn rate per minute is 3.32 Ethereums.

In early August, the altcoin network released an updаte to London that 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 a certain number of 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.

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

1. Transactions on the OpenSea NFT marketplace (14,100,000 ETH);

2. Internal altcoin transfers (8.6 thousand ETH);

3. Operations on the decentralized crypto exchange Uniswap (7.3 thousand ETH).

During the month Ethereum went up by 40%. On August 26, the altcoin is trading at $3.1k and its capitalization is $364.9 million, according to CoinGecko.

On August 24, it became known that the assets managed by the Grayscale Ethereum Trust exceeded $10 billion, Grayscale Management Company is one of the largest holders of Vitalik Buterin’s altcoin. It is gradually increasing its Ethereum holdings: in February, for example, it increased its portfolio by 20,000 ETH.

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The post was written by Crypto Expert John Belford

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