203,176 ETH has been burned in the last 30 days
1 min read
Ethereum blockchain implemented an important upgrade known as EIP-1559 on Aug 5, 2021. This Ethereum upgrade changed the fee model drastically. For a transaction to execute on Ethereum, a minimum fee (known as a “base fee”) must be paid, which fluctuates continuously (block-to-block) depending on network activity. The fee is paid in ETH and is required for the transaction to be considered valid. This fee gets burned during the transaction process, removing it from circulation.
The total supply change has been -146, 760 including all the new ETH that has been issued to stakers. Though, it is quite crazy to think, over half a billion dollars ($502,139,325.20 CAD) worth of ETH has been burned in the last 30 days.
At this rate nearly 2.5 million ETH is going to burned yearly (2,438,112 ETH/ $6,025,671,902.40 CAD). Ethereum is truly deflationary.
submitted by /u/CryptoIsThePlan
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