The London hard fork, introduced on August 5, 2021, made it possible to pay Ethereum (ETH) fees using burned ether, which was unavailable until that point.
It’s worth noting that the term “burning ETH” refers to the act of permanently deleting units of Ethereum’s supply. This, in theory, would restrict the supply or quantity of ETH in circulation, which is the goal of the hard fork London, which includes EIP-1559.
Since August the burning is reaching record highs, which apears to be linked to the expansion of decentralized finance platforms and the trading of non-fungible tokens (NFTs).
Indeed, a new record was set on January 10 for ETH being burned according to statistics from the Watch the Burn web portal, which recorded a total of 19,424 ETH burned in a single day. Notably, the previous all-time high was more than 16,000 ETH, which was reached in mid-October of 2021.