Yugocean
Valued Contributor
In process to start Ethereum 2.0 The burning of ETH tokens on the Ethereum network is in progress under "EIP 1559" or "London Hard Fork".
So far, more than 8 thousand ETH tokens worth millions of dollars have been burned.
The process of burning is for the purpose of deflation, which reduces the supply of token. This results in decrease of the availability of tokens in the block too thus increasing the chances of the gas fee going down.
Although the tokens continue to be burned, the gas price hasn't come down yet due to the lack of miners' impact. But it is having a fair effect on the market.
The cryptocurrency market turned green due to this process with almost all cryptos registering an increase in value.
So far, more than 8 thousand ETH tokens worth millions of dollars have been burned.
The process of burning is for the purpose of deflation, which reduces the supply of token. This results in decrease of the availability of tokens in the block too thus increasing the chances of the gas fee going down.
Although the tokens continue to be burned, the gas price hasn't come down yet due to the lack of miners' impact. But it is having a fair effect on the market.
The cryptocurrency market turned green due to this process with almost all cryptos registering an increase in value.