Ethereum Burns $99.2 Million in Ethers in One Week
Main page News, Ethereum

A week ago, the London update was carried out in the Ethereum network, which changed the system for calculating transaction fees and activated a mechanism for burning digital coins. In seven days, 31,800 Ethers with a total value of $99.2 million have been burned, according to data from the, which tracks coin burning on the network of the altcoin.

The average burn rate per minute is 3.23 Ethers.

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NFT marketplace OpenSea (4,000 coins), decentralized exchange Uniswap (2,380 coins) and gaming platform Axie Infinity (1,850 coins) burned the most Ethers over the past week.

The price of Ether has increased by 22% over the past week.

The long-awaited London update, as expected, took place at block 12,965,000 last August 5. The hardfork was another step in Ethereum's transition to protocol 2.0, which will allow the blockchain to scale and become more user-friendly.

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