More than 70,000 Ethereum (CRYPTO: ETH) coins have been burned or removed from the network’s circulation.
The transaction fee-burning update, EIP-1559, came into effect on August 5.
The EIP-1559 burns ETH that had been used to pay for transactions on the Ethereum network.
Before EIP-1559, the Ethereum network didn’t burn tokens; instead, gas fees went to Ethereum miners, a decentralized network of powerful computers that keep the network running.
The network is used to determine the gas price according to the demand. ....More>>>