What is Ethereum burn address?

"Burning" cryptocurrency simply refers to the act of sending coins to a wallet address that no one can access. So what does Ethereum Burn address mean and what is Ethereum Burn. Let’s find out by reading the article below. Claim Your Free $100 Gift ! What does Ethereum burn address mean?

What does burning ETH mean?

The meaning of being burned; is the removal of the supply of Ethereum from circulation. You can visit Watch The Burn to follow the Ethereum burning instantly. As we have stated since the London Hard Fork, there is an ETH burning exceeding $100 Million. Approximately 2.3 ETH is burned per minute.

How much ETH is burned per minute?

Approximately 2.3 ETH is burned per minute. However, the annual supply of Ethereum is expected to shrink by 4%. It is aimed that the contraction will increase by the percentage each year. With the contraction, as the amount of Ethereum circulating in the market decreases, the prices are expected to increase.

Which Ethereum protocol has burned the most ETH in 2023?

The second protocol with the highest total burn was XEN, which burned 4,738.4 ether in April 2023. This represented a 987% MoM growth, having burned 435 ether in March 2023. The large increase in burned ETH can be attributed to the resurgence in the popularity of the token.