The altcoin burning process started after the London update, which was activated on August 5th. The cost of all destroyed coins is currently close to $ 3 billion
Since August 5, over 700 thousand Ethereum has been "burned" for more than $ 2.9 billion, according to the ultrasound.money service. The average burning rate per minute at the moment is 5.6 ETH worth about $ 23.5 thousand.
In early August, the London update was released on the altcoin network, which completely changed the mechanism for calculating transaction fees. Part of the commissions that miners previously received as rewards are now burned.
Ethereum has been destroyed most since 5 August as a result of:
- Deals on the OpenSea NFT marketplace – 91.8 thousand ETH;
- Transfers in the Ethereum network – 66.5 thousand ETH;
- Operations on the Uniswap V2 crypto exchange – 53 thousand ETH;
- Transactions with stablecoin USDT – 35.9 thousand ETH.