After the London upgrade, Ethereum worth $1 billion will be withdrawn from circulation
Ethereum, as the second largest cryptocurrency in market value after Bitcoin, underwent a major upgrade on August 5 this year. The latest upgrade is called the London hard fork and consists of five Ethereum Improvement Proposals (EIPs). This includes EIP 1559, which aims to change the speed and create incentives for mining cryptocurrency. EIP 1559 also responded to criticism of Ethereum’s rising network congestion and transaction costs by introducing a new combustion method that simplifies the process. Since the upgrade, more than 300,000 Ether (Ether) worth more than US$1 billion (approximately 735 billion rupees) have been burned or withdrawn from circulation.
OpenSea is a popular NFT market, responsible for most of the burns on the Ethereum network, representing approximately 43,801 Ether coins, worth nearly 148 million U.S. dollars. The second is the traditional transfer of Ether, which includes 25,999 Ether worth 88 million U.S. dollars (approximately 6460 billion rupees).
According to data from the cryptanalysis organization Dune Analytics, 3,09,973 coins have been burned so far. Their total value is 1.05 billion U.S. dollars (approximately 77,170 crore rupees), and they are lost forever.