If you are a beginner and an ETH fan/owner but you don't really understand what Token Burning is, here's a video that explains just that with real-life examples so that you can grasp the meaning of this crypto concept.
Token burning is the process through which coins are purposely and permanently removed from the circulating supply.
It is typically performed by the development team which can also buy back tokens and burn them.
It involves parts of the supply that are already available, such as unallocated tokens or those that are stored in the team’s Treasury.
Some companies burn tokens regularly, while others do so as a one-off event.
For example, in the summer of 2021, Ethereum introduced a burning token system to the network in order to solve the eternal problem of high gas fees. By November, 1 million ETH were burned. Unlike Bitcoin, Ethereum doesn’t have a limited supply, but it does have an annual maximum supply of 18 million ETH.
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