The Ethereum community has launched the BETH tokenization to destroy ETH, and Joseph Lubin stated that development will take place on it.

Foresight News reports that the Ethereum Community Foundation has announced the launch of BETH tokenization. BETH is a new burn-proof token for Ethereum, aimed at transforming the basic mechanism of burning ETH into an on-chain tokenized form. Each BETH token represents ETH that has been verified as removed from circulation, establishing a transparent and auditable burn record, and providing new opportunities for developers to create applications based on verifiable burns. When users send ETH to the contract, the ETH is immediately forwarded to the burn address, ensuring its permanent removal from circulation. After successful forwarding, the contract mints an equal amount of BETH tokens and sends them back to the sender, maintaining a 1:1 correspondence between burned ETH and minted BETH. Joseph Lubin, co-founder of Ethereum and CEO of Consensys, expressed high appreciation for the team’s work and noted that development will take place on tokens such as BETH, BBETH, and BBBeth. Lubin stated that burning ETH will become a highly profitable activity that can give rise to new industries, while also serving as an interesting mechanism in Web3 games, where players will be rewarded in this way.