500,000 ETH has already been burned on the Ethereum network, according to the website. Etherchain At the moment, the amount burned is 1.7 billion dollars.
With the update to EIP-1559, the fee-burning mechanism that has been implemented on the Ethereum network since August. As a result, the miner fee that used to reward the miner has been converted to the base fee, and now the miner reward will become a tip while the base fee is being burned.
With the increasing number of transactions on the Ethereum network every day, more coins are burned and Ethereum is gradually becoming a deflationary asset with more coins being burned than distributed.
While the number of coins in the network continued to decline. It is expected that this will benefit the price of Ethereum with declining supply and rapidly increasing demand.
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