With Ethereum’s London hard fork in full effect, the network has been burning eth for at least three months. However, during the last seven days, more eth was burned on the platform than was generated, amounting to the first net-deflationary week for ether.
Tremendous Value Burned From Ethereum
According to data from Watch the Burn, over 100,000 ETH has been burned in the last seven days. Meanwhile, only 93,000 ETH was issued in the same time frame as block rewards to miners. This puts the total net issuance of ether at about negative 8,600 – around $37 million.
The network experienced its first day of net-negative issuance in early September.
Immense value has been removed from Ethereum since the London hard fork introduced EIP-1559. In a little over a month, over $1 billion in ETH were burned in transaction fees which previously would have been used to reward network miners. Today, miner rewards are issued as an optional “tip” provided by network users.
However, the funds gen
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