Degen

This weekend, data confirms that more than 4.5 million ether (ETH) have been burned on the Ethereum network since Aug. 5, 2021, marking the implementation of Ethereum Improvement Proposal (EIP)-1559.

The Great Ethereum Burn
Approximately three years and four months have passed since the London hard fork was activated, and during that time, 4,523,479.74 ETH has been permanently destroyed. Based on current exchange rates, the value of this burned ether exceeds $15.3 billion. A defining aspect of EIP-1559 is the mechanism that burns a portion of transaction fees, effectively reducing the circulating supply of ether.