Burning coins is probably nothing new to anyone in the crypto world, and we have written enough about this very interesting and potential way of consensus in our 182-page book called “The World of Cryptocurrencies”, which we clearly recommend to every novice as well as advanced. Yesterday, however, the cryptocurrency Ethereum, in particular, has burned more than 500,000 pieces of ETH, which is almost $1.8 billion. The aim of ETH burning, which will be permanently gone from circulation, is to reduce transaction fees.
Above we can see that at the time of writing this article is already burned more than 510,000 pieces of ETH. The Ethereum network began to be transformed last December when the first phase called Ethereum 2.0 was launched at this time. According to the plan, it is to be connected to the main Etherea network, which, according to the founder Vitalik Buterin, could take place at the end of this year or at the beginning of next year. Taking a closer look at the specific platforms where most ETH has been burned so far, the first place belongs to the largest NFT market called OpeanSea, which has so far burned more than 74,000 ETH.