TL;DR Breakdown More than 300,000 ETH coins worth over $1Billion have been burned or taken out of circulation.The total ETH burned is expected to reach 1,783,000 by the end of this year. Recently, the Ethereum network experienced a significant upgrade on August 5, 2021, which led to massive Ethereum burning. It is called the London Hard Fork, and the latest upgrade was about five Ethereum Improvement Proposals (EIPs). These include EIP 1559 as well, which aimed to boost the mining of the cryptocurrency and increase the network’s speed for users. Furthermore, EIP 1559 upgrade also considered the criticism faced by Ethereum for rising transaction costs and network congestion by introducing the latest Ethereum burning method that simplified the process. Since the EIP 1559 upgrade, more than 300,000 Ethereum coins worth over $1 billion have been burned or taken out of circulation. Role of EIP-1559 in Ethereum burning Recently when EIP-1559 was introduced to Ethereum, the purpose of the network upgrade was to slow down the rate at which the supply of ETH escalates. But surprisingly, over the last few days, the collection of Ethereum has not grown at all. Instead, It has shrunk tremendously. A few days back was not usual as more Ethereum was burned on the network than minted; this means there is now less ETH available today than there was yesterday. Well, Ethereum experts believe this has happened for the first time on the n...
