The amount of Ethereum (ETH) burned since the EIP 1559 activation has exceeded three billion dollars.
According to data shared by automated Etherum network monitoring services, 710,000 ETH has been burned by November 1, 2021.
In the period when the value of Ethereum increased to $ 4, 350, the value of Eth burned exceeded $ 3 billion for the first time in history.
Previously, the $2 billion milestone was crossed on October 25, 2021. It took less than a week for the biggest altcoin to hit $3 billion.
EIP 1559, the most controversial update in Ethereum’s history, has made Ethereum gas policy more predictable.
With the increase in network activity, the rate of ETH burned also increases. More transactions come to the blocks and more Eth is burned.
Last week, Ethereum went deflationary for the first time. The network destroyed more Ethereum than it released.