What happened: On Sunday a total of 2,752.96 Ether ETH/USD worth $6,539,970, based on the current value of Ethereum at time of publication ($2,375.61), was burned from Ethereum transactions. Burning is when a coin or token is sent to an unusable wallet to remove it from circulation.

Why it matters: On August 5th, 2021, the Ethereum blockchain implemented an important upgrade known as EIP-1159. This Ethereum improvement proposal changed the fee model drastically. Now each transaction includes a variable base fee that adjusts according to the current demand for block space. This base fee is burned, or permanently removed from circulation, lowering the supply of Ether forever.

See Also: How…

Read more on Benzinga