Over 1 million coins worth more than $ 4 billion were burned on the Ethereum network

Since August 2021, more than 1 million coins (over $ 4 billion) have already been destroyed on the Ethereum network. The leader in the amount of burnt cryptocurrency was the OpenSea platform.

The Ethereum destruction mechanism was launched on August 5, 2021 with the London update, the main innovation of which was a change in the procedure for calculating commissions for transactions. Some of the coins that miners previously received as a reward are now simply burned. This is necessary to reduce the number of tokens in circulation in order to fight inflation.

More than 110,000 Ethereum coins have been destroyed on the OpenSea marketplace since August 5. Almost 98,000 ETH was burned on the Ethereum network for digital currency transactions. The top 3 also includes the Uniswap V2 cryptocurrency exchange, where about 93,000 ETH has already been burned.

A source: Decrypt