Nearly $1 billion worth of Ethereum burned

 The burning process has been completed in Ethereum, the largest cryptocurrency after Bitcoin. The amount burned exceeded 1 billion dollars.

The total value of transaction fees burned since the London upgrade on August 5 in Ethereum, the second most popular cryptocurrency, has exceeded $1 billion. After the EIP-1559 upgrade, which was carried out with the London hard fork, the total value of ETH burned reached 1 billion dollars.

With the EIP-1559 upgrade, which regulates gas fees, the amount of ETH burned exceeded 300,000. According to the information we obtained from data provider Watchtheburn.com, approximately 303,785 ETH has been burned so far.

If the burning process in Ethereum continues like this, it is estimated that approximately 2.6 million ETH will go out of circulation per year.

Currently, the platform with the most Ethereum burned, with 850 ETH per day, was the popular NFT marketplace OpenSea.