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Ethereum coins burned are worth over $5.8bn

Ethereum coins burned are worth over $5.8bn

As a result of the London Hard Fork last August, the cryptocurrency burning mechanism was launched on the largest-capitalized altcoin network.

More than 2 million ETHs have already been destroyed (at current rates, the value of that number of 'coins' is around $5.8bn). The altcoin burning process started on August 5 following the release of the London update, which changed the mechanism for charging transaction fees. Some of the commissions that miners previously received as rewards are now burned off.

The largest destruction of Ethereum since August 5 resulted from the following:

  • Transactions on the OpenSea NFT Marketplace - 230,000 ETHs;
  • Transfers on the Ethereum network - 190,000 ETHs;
  • Transactions on Uniswap V2 crypto exchange - 127,000 ETHs;
  • USDT stablecoin transactions - 92,000 ETHs.

Ethereum (ETH)

The second most capitalized cryptocurrency with its own blockchain and asset tokenization platform. Using smart contracts, it enables the creation of tokens and various decentralized applications (DApps). Ethereum is migrating to another PoS (ETH 2.0) algorithm due to the imperfection of the PoW algorithm and high commissions.

Market dominance: 19%.

Capitalization: $400 billion

Advantages: the most developed ecosystem with smart contracts.

Disadvantages: high online fees.

Read more: Cryptocurrency and its types: altcoins, stablecoins, CBDC

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