By Gertrude Chavez-Dreyfuss
NEW YORK (Reuters) -Ethereum, the second-largest blockchain network, went through a major software upgrade on Thursday, which is expected to stabilize transaction fees and reduce supply of the ether token.
After initially trading lower going into the upgrade, ether regained momentum, last up 2.6% at $2,796..
The adjustment, called Ethereum Improvement Proposal (EIP) 1559, changes the way transactions are processed on Ethereum by providing clear pricing on transaction fees in ether paid to miners to validate transactions and “burning” a small amount of those tokens. The burned tokens will be permanently taken out of circulation.
Following the upgrade, 539.29 ether tokens were “burned” by late morning in New York, according to ultrasound.money, a website that tracks ether burning and supply.
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