According to statistics from EthBurned and UltraSound.Money, Ethereum is being burned at an incredible rate since the EIP-1559 upgrade.
Since the London hard fork upgrade around two months ago, a total of 409,669.05 Ethereum has been burned, valued $1,358,695,270.
The method for burning Ethereum fees was implemented in the EIP-1559 upgrade, popularly known as the London hard fork, which removed ETH base fees from Ethereum transactions on August 5. The base fees are the very minimum a transaction must pay to be included in an Ethereum block.
The London Hard fork and upgrades are part of Ethereum’s transition to a proof-of-stake network, which will eliminate Ethereum mining and make the currency more long-term sustainable. The change, also known as “the merge” or “ETH 2.0,” aims to significantly reduce the blockchain’s gas costs.
Due to its usefulness in the burgeoning DeFi and NFT spaces, as well as its role as the “first-mover” in blockchains, Ethereum saw a rebound in attention, demand, and price action following the implementation of the network upgrade.