Just now, the Ethereum blockchain has hit the milestone of 3 Million ETH burned. The amount burned, 3 Million ETH, is equal to 2.45% of the circulating supply of 122 Million ETH. With the current pump, the burned ETH is worth over $5.3 Billion.
EIP-1559, which introduced the burning mechanism, was released August 5th, 2021. It took 568 Days, or a bit more than a year and a half to hit this milestone, which is a slower rate of burn then we have previously seen. In the first 6 months, 1.7 Million ETH was burned, and in the next 6 months, 0.87 Million ETH was burned. In the last 6 months, 0.43 Million ETH was burned, potentially caused by both the switch to PoS and less activity during the bear market.
When do you think we'll hit 4 Million ETH burned?
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