The number of Ethereum burned exceeds 2 million for a total of $5.8 billion

The cryptocurrency burning mechanism was launched in the network of the largest by capitalization altcoin last August as a result of the hardfork London

The number of Ethereum burned exceeds 2 million for a total of $5.8 billion

The number of destroyed Ethereum has already exceeded 2 million (at the current exchange rate, the value of that number of “coins” is about $5.8 billion), according to ultrasound.money. The process of altcoin burning began on August 5 after the release of the London updΠ°te, 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 – 230,000 ETH;

Transfers on the Ethereum network – 190 thousand ETH;

Transactions on the Uniswap V2 crypto exchange – 127 thousand ETH;

Transactions with stabelcoin USDT – 92 thousand ETH.

Ethereum is trading at $2,900 on March 21 and the altcoin has fallen 2% in the past 24 hours. The market capitalization of the asset dropped to $344 billion. Last November, the asset set a historic high above $4.8 thousand. Since then, it has fallen 48% in price.

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The post was written by Crypto Expert John Belford

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