Since the deployment of EIP-1559, more than 4.5 million ETH has been destroyed, with a value of more than $15.3 billion
Odaily reports that data shows (as of the end of this week) that since the activation of the London hard fork on August 5, 2021, the Ethereum network has burned over 4.5 million ETH, worth over $15.3 billion at the current price. The EIP-1559 included in this upgrade has initiated a mechanism to burn a portion of the transaction fees, effectively reducing the circulating supply of ETH. Although around 4.5 million ETH have been burned so far, data from ultrasound.money indicates that Ethereum has not become deflationary as some in the industry had predicted. Currently, the network's inflation rate has slightly increased to 0.820%, with 3,245,017.99 ETH added to circulation since the London fork.
