$ETH
The Ethereum Community Foundation has launched BETH, a “proof-of-burn” token that tokenizes burned ETH.
When users send ETH to the contract, the ETH is directly sent to a burn address and permanently removed from circulation. The contract then mints BETH on a 1:1 basis and returns it to the sender, with each BETH representing ETH that has been destroyed.
This mechanism makes ETH burning transparent and auditable, while also creating opportunities for applications in DeFi, Web3, and gaming. Consensys CEO Joseph Lubin stated that ETH burning could become profitable and even give rise to a new industry.
The Ethereum Community Foundation has launched BETH, a “proof-of-burn” token that tokenizes burned ETH.
When users send ETH to the contract, the ETH is directly sent to a burn address and permanently removed from circulation. The contract then mints BETH on a 1:1 basis and returns it to the sender, with each BETH representing ETH that has been destroyed.
This mechanism makes ETH burning transparent and auditable, while also creating opportunities for applications in DeFi, Web3, and gaming. Consensys CEO Joseph Lubin stated that ETH burning could become profitable and even give rise to a new industry.