Ethereum has been torched for $309m in the past three weeks
Part of the altcoin network's transaction fees began being wiped out on August 5 after the release of the London update.
More than 100k Ethereums worth $309m have been burned since August 5, according to ultrasound.money, a service that tracks the destruction of coins on the altcoin network. The average burn rate per minute is 3.32 Ethereums.
In early August, the altcoin network released an update to London, which completely changed the mechanism for charging transaction fees. Some of the commissions that miners used to receive as rewards are now burned.
Burning is the destruction of a certain number of tokens to reduce their number in circulation. This method is used to fight inflation and increase the value of cryptocurrency. All coin burning transactions are recorded on the blockchain as a transaction, so that anyone can verify that the coins have been destroyed.
The most Ethereum since 5 August has been destroyed by:
transactions on NFT marketplace OpenSea (14.1k ETH);
internal altcoin transfers (8.6 thousand ETH);
operations on the decentralized crypto exchange Uniswap (7.3 thousand ETH).
Ethereum gained 40% over the month. On August 26, the altcoin is trading at $3.1k and has a capitalisation of $364.9m, according to CoinGecko.
On August 24, it became known that the assets under management of the Grayscale Ethereum Trust exceeded $10 billion, Grayscale Management Company is one of the largest holders of Vitalik Buterin's altcoin. It is gradually increasing its Ethereum holdings: in February, for example, it increased its portfolio by 20,000 ETH.