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3,219 ETH Worth $7M Was Just Burned

What happened: On Tuesday a total of 3,219.96 Ether ETH/USD worth $7,190,015, based on the current value of Ethereum at time of publication ($2,232.95), 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.

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