At the moment, more than half a million Ethereum have been burned According to the Etherchain website, half a million ETH has been burned on the Ethereum network. At the time of publication, the amount burned is $1.7 billion. Previously, the same amount of funds would have been received in the manner of Ethereum and, most likely, implemented on the market. With the update of EIP-1559, a commission burning mechanism was implemented in the Ethereum network. Since August, the commission that was previously used to reward miners for promoting transactions has been changed to a basic commission. Now the reward for miners is presented in the form of tips, and the base fee is burned. With the increase in the number of transactions in the Ethereum network, more and more coins are burned every day, which gradually turns Ethereum into a deflationary asset. #Cryptocurrency
