- Ethereum burned over 500k ETH tokens.
- EIP-1559 upgrade enables the permanent removal of ETH in circulation
Ethereum continues to be one of the most aggressive networks in the crypto space in terms of development. This time, the network has burned over 500k ETH tokens. To be specific, this burning process that the ETH network did is related to the EIP-1559 upgrade of the network.
Indeed, the burning of ETH tokens brings many benefits to the ETH ecosystem like boosting the price of ETH.
This made Altcoin Daily, a crypto enthusiast, react in a tweet post:
JUST IN: 500,000 $ETH have now been burned since EIP-1559 upgrade— Altcoin Daily (@AltcoinDailyio) October 11, 2021
Altcoin Daily also mentioned in the post that in a span of 2 months the ETH network has successfully burned 500k ETH. This massive burning of tokens is made possible by the EIP-1559 program of the ETH network. In detail, the EIP-1559 aims to strengthen the ETH network.
Furthermore, the EIP-1559 upgrade enables the permanent removal of ETH tokens in the circulation. In particular, for every transaction generated in the network a part of it will be burned permanently.
The Ethereum network faces many challenges everyday since it is one of the most used networks in many crypto projects. The development like this in the network shows that the developers are working hard to solve the everyday challenges of the network. However, there is still a lot of work to be done like the solution on high gas fees. But, of course, still, the EIP-1559 is a great development in the network.