Over 1 million Ethereum was burned in the cryptocurrency network :: RBC.Crypto

The largest amount of ETH was destroyed as a result of transactions on the OpenSea NFT marketplace, transfers in the altcoin network and operations on the Uniswap V2 crypto exchange

The number of destroyed digital coins on the Ethereum network has exceeded 1 million ETH ($ 4.2 billion, taking into account the current exchange rate at 17:35 Moscow time on November 24), according to the ultrasound.money service. The altcoin burning process began on August 5 following the release of the London update, which changed the mechanism for calculating transaction fees. Some of the commissions that miners previously received as a reward are now burned.

Ethereum has been destroyed most since 5 August as a result of:

  • Deals on the OpenSea NFT-marketplace – 110.1 thousand ETH;
  • Transfers in the Ethereum network – 97.4 thousand ETH;
  • Operations on the Uniswap V2 crypto exchange – 92.6 thousand ETH;
  • Transactions with stablecoin USDT – 54 thousand ETH.

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

On November 24, Ethereum is trading at $ 4.2 thousand. On November 10, the altcoin set a new all-time high above $ 4.87 thousand. Since then, it has fallen in price by 14%, and its capitalization has dropped to $ 500.5 billion, according to CoinGecko.

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