There is an Ethereum Ecosystem We witnessed an incredible development With the introduction of a new token called Beth (Burned Eth Token). This token, that Recently released The Ethereum Community Foundation is an attempt to reconstruct how Ethereum burns are understood and applied.
Instead of the invisible process of ETH being destroyed under EIP-1559, Beth was created to make Ethereum burning into a concrete and traceable form.
Beth makes burned ETH visible
under Existing Ethereum Mechanics, In particular, EIP ‑ 1559 works only to highlight shortages, such as transaction fees, if any, are destroyed without leaving any traces. However, the new Beth in ECF changes it. According to On the ECF websiteBeth is designed to capture and formalize the concept of burns.
When a user submits ETH to a specified contract, it forwards the funds to an irreparable burn address, overturning an equivalent amount of Beth on a 1:1 basis. As a result, each Beth token acts as a transparent audit-ready receipt for ETH that has really been removed from the circulation. This means that the more best tokens are created, the more ETHs are permanently removed from the circulation.
Social Media Platform X joins Zak Cole, founder of ECF Like Beth to Wes: “Beth is about burning what Wes envelops ETH.” Like Weth’s ether in smart contracts, Beth can standardize Burned ETH and can be used as a component of a new mechanism, such as expiring burn-based voting, auctions defined by irreversible token destruction, and even namespaces that require continuous burn activity to remain active.
Despite potential use cases, Beth is just a token that implies burn activity for users. Therefore, Zach Cole pointed out that Beth is intended strictly as a receipt and should not be treated as a token of inherent value. Nevertheless, it is easy to argue that turning a burned ETH into a token might undermine the point of total burning
Ethereum burn mechanism
ETH burning on the Ethereum blockchain officially began on August 5, 2021, with the revitalization of the London Hard Fork. This upgrade introduces EIP-1559 (Ethereum Improvement Proposal 1559), a fundamental change to the Ethereum pricing mechanism. Instead of all transaction fees being sent directly to miners, the base fees for each transaction began to burn and were permanently removed from distribution.
According to Data from ultrasonic goldThe total ETH has been burned from London’s hard forks so far is around 4612 million ETH. At the same time, around 8.431 million ETH have been issued since then. In other words, ETH circulating supply increased by 3.819 billion.
The transition from Ethereum’s job proof to stake proof in September 2022 dramatically helped delay in issuance. If demand is strong.
At the time of writing, a Beth of 0.339 was created. Data from Etherscan.
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