25 Ethereum Burning Every 1 Minute!

By xreadon | CryptoChain | 1 Sep 2021

Ethereum is a cryptocurrency with the second largest trading volume and market capitalization in the cryptocurrency market. Certain amounts of commissions are charged for each transaction made with Ethereum. While some of these commissions are burned, some of them are distributed fairly to the miners as a reward. Transaction fees on the Ethereum network have recently reached a value of exactly 2000 GWEI, which can be said to be a record in recent months. With the incoming EIP-1559 update, the more transaction fees increase, the more ETH is burned, which actually creates a situation for the benefit of ETH investors.


More than 25 Ethereums have been burned every minute lately, which is said to be a record. In addition, it is seen that the NFT project called Fatales on the Ethereum network has burned more than 1,000 ETH. This is proof that NFT projects are supported by many users.


This shows that the dominance of the Ethereum network is still in NFT projects and the most transactions are made for such products. After Fatales, the platform that burned the most ETH was determined as OpenSea, which is the NFT trading platform. Subsequently, Ethereum shipments and Tether took the third and fourth places. Users who want to register with OpenSea, on the other hand, burn a total of 7.11 Ethereum worth of crypto money in 1 hour, which is proof of how popular NFTs are.


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