111 days ago, the Ethereum network implemented the London hard fork upgrade which added a mechanism (EIP-1559) that changed Ethereum’s fee rate to a new scheme that makes the crypto asset ether deflationary. Since then 1 million ether has been burned or the equivalent of around $3.8 billion worth of ethereum using today’s exchange rates. Over a Million Ether or $3.8 Billion Burned to Date The second-largest crypto asset in terms of market capitalization, ethereum ( ETH ) has an overall valuation today just above $500 billion. Ethereum’s market capitalization represents 18.8% of the $2.7 trillion crypto economy. Three months ago, on August 5, 2021, the Ethereum blockchain upgraded and added various features to the consensus rules. The most transformative included EIP-1559 and EIP-3554 , and EIP-1559 in particular created a new fee rate scheme that allows the network to burn a portion of ether. EIP-1559’s summary hosted on Github states: There is a base fee per gas in protocol, wh
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