Hey there! Have you heard about the massive Ethereum burn that happened this weekend? According to recent data, over 4.5 million ether (or ETH for short) were destroyed on the Ethereum network since August 5th, 2021. This event marked the implementation of Ethereum Improvement Proposal (or EIP for short) -1559, which has been nicknamed “The Great Ethereum Burn.” It’s been approximately three years and four months since the London hard fork was activated, and in that time, a whopping 4,523,479.74 ETH has been burned!
That’s a lot of digital currency going up in smoke. But don’t worry, this isn’t some kind of scam or loss for the Ethereum community – it’s actually part of their plan to improve the network and make it more efficient. So what exactly does this all mean for those of us who aren’t crypto experts? Well, essentially, burning ETH means taking it out of circulation permanently, reducing the overall supply and potentially increasing its value over time.
It also helps to stabilize transaction fees on the Ethereum network by introducing a new fee-burning mechanism. Pretty cool, right? If you want to learn more about this historic event or how it might affect the future of cryptocurrency, check out the source link provided above for all the nitty-gritty details.
And who knows – maybe one day soon we’ll see even bigger burns as Ethereum continues to evolve and improve!
Source
As per reported by news.bitcoin.com
