Breaking News: Ethereum Passes Major Milestone

Ethereum Blockchain Burns Nearly 26,000 ETH

Latest Update: 19th May 2023, 08:01 AM UTC

In a significant development, the Ethereum blockchain has burned a substantial amount of ETH, removing it from circulation. According to the latest figures, close to 26,000 ETH tokens have been destroyed, marking a crucial milestone in the network's progress.

The Ethereum burn address, a null address where ETH and other Ethereum-based tokens are permanently destroyed, has facilitated this burn process. This move is part of the Ethereum Improvement Proposal (EIP)-1559, implemented in August 2021.

EIP-1559 introduced a new fee structure for Ethereum transactions, where a portion of the transaction fees is burned instead of being distributed to miners. This mechanism reduces the overall supply of ETH, potentially increasing its value in the long run.

The substantial burn of nearly 26,000 ETH signifies the effectiveness of EIP-1559 in reducing Ethereum's supply. Experts believe that this burn will positively impact the ETH price and contribute to its long-term growth.