$1 million worth of ETH has been burned in under three hours since the London hardfork and the implementation of EIP-1559 earlier today.
Ethereum’s EIP-1559 update has already burned $1 million worth of ETH.
With the new update, the base fee from each Ethereum transaction gets burned, deflating the supply of ETH. In the meantime, the price of ETH has jumped more than 6% in the last hour.
A few deflationary blocks have already been added to the chain, with the amount of ETH burned higher than the block rewards (2 ETH).
At the time of writing, Ethereum has burned 408.84 ETH—about $1.1 million at current market prices.