Leading cryptocurrency Bitcoin (BTC) especially with the collapse of the US markets dragged to the bottom. BTC drops 8% in 24 hours altcoins also followed it. Ethereum (ETH) within 24 hours 7% seems to have benefited from it while experiencing a decline.
$6.3 Billion ETH Burned
Ethereum got a serious feature after the London hard fork. Thanks to the EIP-1559 protocol, a portion of every gas fee spent on the network is burned. ever burned ETH amount it is almost astonishing. Until now $6.3 billion It is reported that worth of ETH has been burned.
The amount of ETH burned since August 5, equivalent to $ 6.3 billion, definitely shows the development of the ETH network. According to the information conveyed by Watch The Burn, 1 million dollars of ETH is burned every hour, and 4,900 ETH is burned daily. The net supply of Ethereum has decreased by 37.15%. Some analysts emphasize that ETH will be more inflation resistant than BTC for exactly this reason.
In the period from May 4 to May 6, a record amount of ETH was burned. The panic in the Ethereum network and the heavy selling of investors caused transaction fees to increase. The increase in transaction fees causes users who want to prioritize their own transactions to pay more transaction fees, thus burning more ETH. Ethereum’s constant burning of ETH actually allows the ETH network to benefit from it, both during bearish and bullish.