The total value of Ethers destroyed has surpassed $2.4 billion since Ethereum Improvement Proposal 1559 went live in mainnet on August 5, 2021.
Ethereum is on its way to becoming a deflationary asset.
According to data shared by the automated analytical tool ETH Burn Bot, the total number of Ethers destroyed surpassed 600,000 in the late-night hours of yesterday.
This amount is equivalent to $2,406,906,000 now that Ethereum has risen above $4,000 on major spot crypto trading platforms.
As previously reported by U.Today, over the last month, Ethereum (ETH) users paid more than $1,000,000,000 in network fees, with 82.45 percent of these fees being burned.
The second cryptocurrency passed the 500,000 ETH burnt mark in mid-October.
What exactly is EIP 1559, and how does it function?
EIP 1559 is the most contentious Ethereum upgrade ever, as it completely rethought the fee model of the world’s first smart contract network.
Network fees are replaced by base fees and miner tips under EIP-1559, which was implemented by the London hardfork. When Ethereum’s blocks are more than 50% full, the network is more active, and base fees rise as a result.
Then, the base fees are “burned,” which means that some Ethers are periodically removed from circulation. This design makes the Ethereum fee model more predictable and, eventually, deflationary for Ether.