According to BanklessTimes.com, Ethereum has burned over $9 billion worth of Ether (ETH) since the EIP 1559 in August 2021.
EIP-1559 was a highly anticipated upgrade to Ethereum that aimed to address the issue of high transaction fees and improve the user experience of the platform. One critical feature of the EIP-1559 was introducing a new fee structure that involved burning a portion of transaction fees.
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Ethereum Has Burned Over $9 Billion Worth Of ETH
Jonathan Merry, the CEO of BanklessTimes, commented on the data:
Ethereum has been on a journey of scalability and sustainability. The burning of over $9 billion worth of ETH since EIP-1559 is a significant milestone towards that. Reducing the supply of ETH and creating a predictable fee market will benefit users in many ways. Besides, it will make the network more accessible and affordable.
Recently, the deflation rate of Ether hit its peak this year. On Wednesday, it surpassed the current Ethereum Issuance Rate by a whopping 1.425%, which marks its highest level since last May when there was an anomaly where it surged to 17% for one day only.
The burn rate of ETH, which is the rate at which Ether is destroyed when transactions are processed, has also been steadily rising since EIP-1559 was implemented. This has led to a decrease in the overall supply of ETH and an increase in its value.
The full story and statistics can be found here: Ethereum Network Has Burned ETH Valued at $9B Since EIP-1559
