latest World Crypto News

Search and discover the latest Cryptocurrency updated Stories in Categories

24-7 World Cryptocurrency News about Blockchain, Technology and much more, only from Top Leading Sources

More than $1 billion worth of ether has been burned since Ethereum’s London upgrade

Since the introduction of Ethereum's London upgrade on August 5, more than 297,000 ETH has been burned — worth just over $1 billion — according to The Block's Data Dashboard .

The upgrade added a new burning mechanism to transaction fees with the goal of making them easier to price. To make a transaction, you now pay a base fee, which gets burned, and a priority fee that's effectively a tip to the miner. (For a detailed explanation of how fees now work, see here .)
As a result, Ethereum's inflation rate has been decreasing. Miners on the network produce about 13,000 ETH each day (given to them as mining rewards) but the burning mechanism is starting to counter that. Some days, the amount of ETH burned has overtaken the amount produced. Currently the net emission is around 6,800 ETH.

Part of the reason why so much ETH is being burned is the prevalence of high transaction fees on the network, due to consistent demand — along with moments of high demand as we are in NFT minting season. The number of Ethereum transactions has remained high at 1.2 million transactions per day.
Although, with second-layer solutions like Arbitrum starting to take off , it's possible this could free up some room on the main blockchain — unless it just adds to the activity. © 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. shares this Contents always with License.

Thank you for Share!



Cool to know huh? Read the full Article

Read the full Article:  ⭲ More than $1 billion worth of ether has been burned since Ethereum’s London upgrade

Search about Crypto News


The latest Top News, only from Leading exponents of BlockChain, Bitcoin and different Accredited Crypto Currency Sources.

Since 2015, our Mission was to Share, up-to-date, those News and Information we believe to represent in an Ethical and sincere manner the current Crypto Currencies World: everything you are looking for, in one place!

We have always tried to give priority to the News; for this reason we have designed simple and intuitive, usable by all Devices, fast and effective.


Today Most Popular News