The Ethereum network has been on fire since the transaction fee-burning update, EIP-1559, came into effect on August 5.
The total amount of coins burned—removed from the network’s circulation—has now topped 71,000 ETH, or $221.5 million.
EIP-1559 burns ETH that had been used to pay for transactions on the Ethereum network, such as swapping a coin on a decentralized exchange or transferring an NFT.
EIP-1559 was one of five upgrades introduced as part of Ethereum’s London hard fork on August 5.
What’s in the Ethereum London Hard Fork Beyond EIP-1559?
Before EIP-1559, the Ethereum network didn’t burn tokens—although several Ethereum-based tokens, such as Shiba Inu, burn tokens as part of their monetary policy.
Instead, gas fees went to Ethereum miners, a decentralized network of powerful computers that keep the network humming. But now, unless users “tip” miners, miners will no longer receive those fees, which are instead burned.
The network used to determine the gas price
Źródło: https://decrypt.co/79103/more-than-70000-eth-has-now-been-burned-by-eip-1559
