1 Year Since Ethereum’s Burning Mechanism Went Live – 2.58 Million ETH Burned

On August 5th, 2021, EIP-1559, as part of the London Fork, went live on the Ethereum chain, which created the burning mechanism we know today. It has now officially been over a year, and whether you love or hate to see the ETH burning, in that time we have seen over 2.58 Million ETH destroyed from existence, equal to $4.95 Billion. The Ether burned is equivalent to the value of around 2.1% of the circulating supply of ETH.

Keep in mind, although Ethereum has burned much value and EIP-1559 is a deflationary measure, ETH is still inflationary. Though 2.58 Million ETH was burned, in the same one year time span 5.75 Million ETH was minted. Without the London Fork, 8.33 Million ETH would have been mined this year, which means the mechanism burned over 30% of potential Ether.

One year later, do you believe Ethereum's burning mechanism has been a success?