The Total ETH Value Burned on the Ethereum Network Reached $ 3 Billion for the First Time in Its History

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Total cremated with EIP-1559 Ethereum its value reached historical heights with the rise of ETH.

The Value Burned on Ethereum Has Exceeded $ 3 Billion in Total

According to the recent announcement shared by Ethereum network monitoring services, the Ethereum blockchain november 710,000 by November 1, 2021 ETHhe took the out of circulation. With the rise of the Ethereum price to the 4.350 dollar price levels, the burned ETH its amount exceeded $ 3 billion for the first time in its history. Ethereum, the second largest cryptocurrency by market capitalization, took only less than a week to surpass the level of $ 2 billion recorded on October 25, 2021.

The mechanism of proximity to the Ethereum network was introduced in August 2021. EIP-1559 some of the transaction fees have been burned periodically, since they were activated.

Ethereum Has Acquired a Deflationary Structure

Although it is one of the most controversial upgrades in the history of Ethereum, with EIP-1559, London Hardfork managed to make transaction fees on the Ethereum network more predictable.

The amount of Ethereum burned increases as network activity increases. More transactions are included in the blocks and more ETH it is destroyed.

The Acceleration of the Rise in ETH

Together with the new ETH burning mechanism introduced into the network Ethereum, which acquired a deflationary structure. This, in turn, gave Ethereum a serious upward momentum. With this upward momentum that it has gained, ETH recorded upward price movements last week, recording a new all–time high price level (ETH ATH: 4.455 USD – CoinMarketCap).

At the time of writing, Ethereum (ETH) is trading at $4,300 price levels with a market capitalization of $513 billion, according to CoinMarketCap data.

The information contained in this article absolutely does not contain investment advice. Investors should know that crypto currencies have high volatility, so they carry risks, and they should conduct their transactions in accordance with their own research.

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