Over 1 million Ethereum was burned in the cryptocurrency network

The largest amount of ETH destroyed by transactions on NFT-marketplace OpenSea, transfers on the altcoin network and transactions on the cryptocurrency exchange Uniswap V2

Over 1 million Ethereum was burned in the cryptocurrency network

The number of destroyed digital coins on the Ethereum network exceeded 1 million ETH ($4.2 billion, based on the current exchange rate as of 5:35 p.m. MSC Nov. 24), according to ultrasound.money. The altcoin burning process began on Aug. 5 after the release of the London updаte, which changed the mechanism for charging transaction fees. Some of the commissions that miners previously received as rewards are now being burned.

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

Transactions on the OpenSea NFT Marketplace – 110.1 thousand ETH;

Transfers on the Ethereum network – 97.4 thousand ETH;

Transactions on Uniswap V2 crypto exchange – 92.6 thousand ETH;

Transactions with stabelcoin USDT – 54 thousand ETH.

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 the cryptocurrency. All coin burning transactions are recorded on the blockchain as a transaction, so anyone can verify that the coins were destroyed.
Ethereum traded at $4.2k on November 24. On November 10, the altcoin set a new all-time high above $4.87k. Since then, it has fallen 14% in price and its capitalization has dropped to $500.5 billion, according to CoinGecko.

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The post was written by Crypto Expert John Belford

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