According to Foresight News, data from Ultra Sound Money reveals that EIP-1559 has been activated for 1,001 days. During this period, it has burned 4,285,373.45 ETH, which is valued at more than $12.8 billion.
EIP-1559 is a proposal to reform the Ethereum fee market. It was activated as part of the London hard fork in August 2021. The proposal introduces a mechanism to burn a portion of the fees, reducing the supply of ETH and potentially leading to a deflationary effect on the Ethereum network.
The data shows that the activation of EIP-1559 has had a significant impact on the Ethereum network. The burning of over 4 million ETH is a testament to the effectiveness of the proposal in managing the supply of ETH. This has potential implications for the value of ETH, as a reduced supply could lead to an increase in price.