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Two Million Ether Cryptocurrency Worth $6 Billion Destroyed In Seven Months, This Is The Reason

The Ethereum network was upgraded in August last year via the London Hard Fork, which implemented Packaged Ethereum Improvement Proposal (EIP) 1559.
The world’s second most valuable cryptocurrency ‘Ethereum’ has officially destroyed more than 2 million ETH after an upgrade implemented last year. The Ethereum network was upgraded in August last year via the London Hard Fork, which implemented Packaged Ethereum Improvement Proposal (EIP) 1559. Since then the EIP-1559 upgrade has destroyed over 2 million ETH during the transaction. The largest on-chain gas burner on the Ethereum network is OpenSea, a major NFT marketplace. Next come ETH transfers, Uniswap, StrongBlock, Tether etc. According to the latest data

from Watch the Burn, the Ethereum network has destroyed more than 2 million ETH. This means that the second largest cryptocurrency, worth around $6 billion, has been taken out of circulation. of cryptopotato

The Ethereum Improvement Proposal (EIP) 1559 is one of the most popular upgrades on the second largest blockchain, the report said. A significant portion of it has since been removed from Ethereum over the past seven months. The EIP-1559 upgrade segregated the transaction fees on the network. It was earlier given to the miners in the form of base fee and tips. Now out of this the base fee is destroyed and the tip goes to the crypto miners.

The community has also been observing how many Ethers are being burned daily since the EIP 1559 upgrade on August 5 last year. Statistics show that 3.57 Ether is being destroyed every minute. The EIP-1559 upgrade changes the algorithm for base fees and eliminates base fees.

Because the network destroyed more than 2 million ETH through the EIP 1559 upgrade, they are valued at $6.9 billion. The largest on-chain gas burner on the Ethereum network is OpenSea. This major NFT market destroyed approximately 229,916 Ether in transfer of 14,635,232 ETH, which was valued at approximately $794,99,348. After this, ETH transfers, Uniswap, StrongBlock, Tether etc have also destroyed a large number of Ethereum.

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