What happened: On Sunday a total of 4,136.17 Eth

worth $7,838,323, based on the current value of Ethereum at time of publication ($1,895.07), was burned from Ethereum transactions. Burning is when a coin or token is sent to an unusable wallet to remove it from circulation.

Why it matters: On August 5th, 2021, the Ethereum blockchain implemented an important upgrade known as EIP-1159. This Ethereum improvement proposal changed the fee model drastically. Now each transaction includes a variable base fee that adjusts according to the current demand for block space. This base fee is burned, or permanently removed from circulation, lowering the supply of Ether forever. $ETH