Almost $100 million worth of digital coins were burned on the Ethereum network during the week

Almost $100 million worth of digital coins were burned on the Ethereum network during the week 13.08.2021
On August 5, the London update was released, which launched a mechanism for burning part of the transaction fees. Now, an average of 3.23 ETH is destroyed per minute. In seven days, 31.8 thousand ethers were destroyed with a total cost of 99.2 million dollars.

The leaders in burning Ethereum for the week were the OpenSea NFT marketplace (4 thousand coins), the Uniswap decentralized exchange (2.38 thousand coins) and the Axie Infinity gaming platform (1.85 thousand coins).

The CEO of the analytical company CryptoQuant, Ki Yong-Joo, said that the update will increase the scalability, security and decentralization of the Ethereum blockchain.

On the eve of the release of the London update, the largest altcoin by capitalization rose by almost 5% per day.

At 16:15 Moscow time on August 5, the ether is trading at the level of $2580. In the long term, altcoin will be able to outpace bitcoin in terms of market capitalization, according to Joo.

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