Key Takeaways
The Ethereum Community Foundation just dropped BETH, a proof-of-burn token for destroyed ETH. Because obviously, burning money wasn’t glamorous enough without a participation trophy. 🏆
Ethereum’s [ETH] ecosystem is now embroiled in a debate so intense it could rival the time Jerry refused to tip the pizza guy because the box was slightly crushed. The Ethereum Community Foundation (ECF) unveiled BETH-a token that “represents” ETH you’ve torched. Because nothing says “value” like owning a digital receipt for something that no longer exists. 👻
Unlike the vanished coins locked away by EIP-1559 (RIP), BETH is a tradable “proof-of-burn” token. It’s like a NFT for your trash bin. The ECF said:
“Whether used in governance, incentives, or novel financial instruments, BETH provides a foundation for experimentation.”
Translation: “We’re winging it and hoping this doesn’t blow up.” 🔥
They added:
“As Ethereum evolves, BETH highlights the role of scarcity and destruction as equally powerful forces alongside creation and issuance.”
So… it’s a token for people who miss the thrill of Venmoing $1,000 to a scammer. Got it.
ECF founder Zak Cole shares concerns
Zak Cole, Ethereum’s resident voice of reason, criticized BETH’s design, saying:
“BETH is to burned ETH what WETH is to wrapped ETH.”
Translation: “It’s a glorified receipt you’ll lose in your spam folder.” Cole also proposed “burn-based voting” and “auctions where you bid by destroying tokens.” Because nothing says “decentralized democracy” like a system where the richest guy burns the most. 🗳️💸
He stressed that BETH is just a “receipt” for burned ETH, not a new token with “independent value.” Sure. Just like how your dry cleaner swears your missing sock isn’t “real” evidence of their conspiracy. 🧦
Ethereum’s economic model
Let’s talk about Ethereum’s monetary policy. Since 2021, it’s burned 4.6 million ETH but issued 8 million new tokens. That’s like joining Weight Watchers… then ordering a pizza. 🍕
And yet, not everyone’s sweating it. Because crypto, baby! 🚀
Ethereum co-founder Joseph Lubin weighs in…
Lubin claims proof-of-burn could “spawn industries” and become a “popular mechanic in Web3 games.” Oh joy! Finally, a way to “earn” tokens by lighting your ETH on fire while playing a blockchain-based version of Monopoly. 🎲
“Burning ETH is going to be a very lucrative thing to do, as it will spawn industries. And a very fun thing to do, as it will become a popular mechanic in Web3 games. This is one way people will get paid to play in Web3.”
Because nothing says “fun” like setting your money on fire while the blockchain applauds. 🔥🎮
At the time of writing, ETH is trading at $4,471. Up 2.06% today! Because nothing says “stability” like a token that burns itself while issuing new coins. It’s like a financial diet that somehow makes you hungrier. 🍔
The Ethereum Foundation also unveiled a new roadmap to “enhance UX.” Because after burning ETH for sport, the next logical step is making it easier to… do more of that? 🤷♂️
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2025-09-01 10:29