2M ETH burnt with EIP1559Happened on March 21st, 2022Thirty-two weeks after the EIP went live, two million ETH (value of $7B at the time of the event) has been burnt.
Ethereum Improvement Proposal (EIP) 1559 is an upgrade that happened on August 5, 2021 to change how Ethereum calculates and processes network transaction fees (called "gas fees"). It requires that the network burn all Ether tokens used to pay base fees. This procedure will reduce the total supply of Ether tokens, making Ether more scarce and therefore more valuable.
