CandleFocus Ethereum’s $15.3B Burn Bonfire: Over 4.5M ETH Destroyed Since EIP-1559 Activation
2024-12-21
Author: Content Editor
Since the implementation of Ethereum Improvement Proposal (EIP)-1559 in August 2021, over 4.5 million ether (ETH) has been burned on the Ethereum network. This has resulted in the permanent destruction of ETH worth over $15.3 billion. The burning mechanism of EIP-1559 reduces the circulating supply of ether by burning a portion of transaction fees. Transactions on Ethereum, particularly onchain transfers and non-fungible token (NFT) minting activities on platforms like Opensea, have contributed significantly to the burned ETH. Onchain transfers and Opensea NFTs account for approximately 8.17% and 5.08% of the total burned ether, respectively. Other contributors include Uniswap and tether (USDT) transactions. Despite the significant amount of ETH burned, Ethereum's inflation rate remains modest at 0.820% since the London hard fork.
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