Burning Metrics: Ethereum Burns 3.33 Million Ether Valued at $6.1 Billion in 21 Months
By: TOGRP
May 29, 2023 4:58 AM / 0 Comments Web3 Community In Brief News Ethereum ZentaNewsDesk Banking and Finance
the significant amount of Ether that has been "burned" following the implementation of Ethereum's London hard fork, also known as EIP-1559, 21 months ago
Ether that has been "burned" following the implementation of Ethereum's London hard fork, also known as EIP-1559, 21 months ago.
The term "burned" in this context refers to a mechanism where a portion of Ether used in transactions is permanently removed from circulation. Since the hard fork, the Ethereum network has seen the destruction of over 3.33 million Ether, equating to a value of approximately $6.1 billion.
As of the end of May 2023, about 3.51 Ether is being burned every minute.
The primary goal of this "burning" mechanism is to create a more predictable fee market and reduce the inflation rate of Ether, ultimately creating a more stable environment for users and investors alike.
This development may have significant implications for the future of Ethereum, including potential impacts on the Ether price and the overall supply-demand balance in the network.