Over $4.5 billion worth of the second-largest cryptocurrency by market capitalization, Ethereum ($ETH), has been burned since the implementation of Ethereum Improvement Proposal (EIP) 1559 via the London hard fork on August 5.
According to data from tracking website Watch the Burn, a total of 1.747 million ether worth $4.58 billion has been burned since August, with an average of 307 ETH worth $800,000 being burned per hour, and 12,300 worth $32 million being burned per day.
Per day, Ethereum’s net issuance has dropped to around 1,100 ETH, meaning its net reduction is now over 91%. Some analysts have estimated ETH could become a deflationary currency if burns outpace net issuance, which has occurred on a few blocks.
