111 days ago, the Ethereum network implemented the London hard fork upgrade which added a mechanism (EIP-1559) that changed Ethereum’s fee rate to a new scheme that makes the crypto asset ether deflationary. Since then 1 million ether has been burned or the equivalent of around $3.8 billion worth of ethereum using today’s exchange rates.

Over a Million Ether or $3.8 Billion Burned to Date

The second-largest crypto asset in terms of market capitalization, ethereum (ETH) has an overall valuation today just above $500 billion. Ethereum’s market capitalization represents 18.8% of the $2.7 trillion crypto economy. Three months ago, on August 5, 2021, the Ethereum blockchain upgraded and added various features to the consensus rules. The most transformative included EIP-1559 and EIP-3554, and EIP-1559 in particular created a new fee rate scheme that allows the network to burn a portion of ether.

EIP-1559’s summary hosted on Github states:

There is a base fee per gas in protocol, which can move up or down each block…

Click to continue reading on its source location…

Source: https://news.bitcoin.com/ethereum-has-burned-more-than-a-million-eth-over-the-last-3-months/