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Over 700,000 ETH burned; Merge may take Ethereum ‘toward deflation’
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Ethereum 2.0 Altair Beacon Chain update had a successful start, with 98.7% of the nodes upgraded at the time. This marked an important step towards the Merge, the transition to a proof-of-stake consensus mechanism.
Since July, Ethereum also underwent important upgrades, such as the London hard fork. This update incorporated a deflationary burning mechanism to the asset as part of the network’s fee structure.
Fast forward to now, ETH and its burning mechanism have come a long way amidst the latest update. According to Etherchain, Ethereum burned 10.06 ETH worth $42,895 every minute over the last 24 hours. Overall, it torched around 701,630 ETH, equivalent to $3 billion (approx.), at the time of writing.
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