EIP-1559 Burns 2 Million Ethereum

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    According to data from ultrasound.money, Ethereum burned 2 million ETH today. EIP-1559 was created to correct Ethereum’s fee market, which had previously used an auction system, making transaction costs unpredictable. EIP-1559 requires Ethereum users to pay a “base fee” for transactions and an optional tip to miners in order for their transactions to be processed faster during periods of high congestion.

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