Destruction of Ethereum (ETH) supply takes another dramatic step
The aggregated USD-denominated value of Ethers (ETH) destroyed after the implementation of a novel fee mechanism has surpassed its historic level.
Burning ETH exceeds $ 3 billion
According to the latest announcement shared by the Ethereum Automated Network Tracking Services (ETH), the blockchain destroyed 710,000 Ethers as of November 1, 2021.
As such, amid the ongoing Ethereum (ETH) price upsurge to $4,350, the value of tokens excluded from the net circulating supply of Ether exceeded $3 billion for the first time in its history.
As covered by U.Today previously, the $ 2 billion milestone was recorded on October 25, 2021. It took less than a week for the second cryptocurrency to destroy its third billion dollars.
Ethereum (ETH) token’s burn mechanism was implemented in the network in August 2021. With the EIP 1559 enabled, a share of the transaction fee is periodically sent to a “burn” address.
First deflationary week in Ethereum’s (ETH) history
Despite being the most controversial upgrade in Ethereum’s six-year history, London hardfork with EIP 1559 as its main update managed to made Ethereum gas policy more predictable.
The rate of burnt ethers increases as network activity increases. More transactions are included in the blocks, more Ethers are destroyed.
Last week became the first deflationary in Ethereum (ETH) history: the network destroyed more Ethereum than it emitted.
