SNEAK PEAK
- The burning amount of Ethereum reached 3040 on February 2.
- Ethereum (ETH) fell by 1.44% today and is trading at $1,642.36.
- A method for burning a portion of the fees paid by users was added in August last year.
A recent report on Ethereum indicates that the total number of Ethereum tokens that have been burned surpassed 3,040 on February 2. It is important to note that this is a new high record since November 10 last year.
The burning amount of Ethereum reached 3040 on February 2, reaching a new high since November 10 last year. The main burning sources are Uniswap and OpenSea. The cryptocurrency greed index has remained around 60 for several days. https://t.co/fT66f684lJ pic.twitter.com/uToCDwOYZt
— Wu Blockchain (@WuBlockchain) February 3, 2023
According to Etherscan, more than 5,000 ETH burning occurred in November. This year, Uniswap and OpenSea are the two most important burning sources. Additionally, the cryptocurrency greed index has been stable over the last several days, hovering around 60.
Amid this report, Ethereum`s native token, ETH, has been trading in the red in the last 24 hours, according to Coinmarketcap data. Concretely, the ETH/USD pair is trading at $1,642.36, a 1.44% decline in the same time frame.
Ethereum had a trading volume of $9,097,851,612 at press time and a total supply of 122,373,866 ETH. Proponents are watching the trends and the recent developments in an effort to speculate on their next moves.
Notably, a method for burning a portion of the fees paid by users was added in August last year as part of the Ethereum Improvement Proposal (EIP)-1559, which went into effect then.
According to OKLink, EIP-1559 was an improvement proposal by the Ethereum Community to solve the congestion problem of ETH.
Reportedly, users need to pay a fixed base fee for every transaction. Users must pay miners a tip if a transaction needs to be expedited. The tips go to the miners, and the base fee is burned. This proposal solves the problem of the high gas fee but also increases the ETH deflation.