Since the activation of the London upgrade, Ethereum has burned 1 million ETH

In the 109 days since the activation of the London upgrade on the Ethereum network, the protocol has burned more than 1 million ETH. Their value at the time of writing was $4.2 billion.

Ethereum burned 1M ETH in 109 days

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— ultra sound money 🦇🔊 (@ultrasoundmoney) November 24, 2021

Thanks to EIP-1559 issuance declined by 39%. Network inflation slowed to 1.8% per year.

Earlier, the CEO of Singapore-based venture fund Three Arrows Capital, Su Zhu criticized Ethereum for high fees that prevent newcomers from using this blockchain.

Earlier, experts predicted that activation of EIP-1559 would lead to Ethereum miners’ revenues falling by 20-30%. In October, the latter received record $1.34 billion in transaction fees (46.2% of total revenue).

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