The London hard fork implemented the Ethereum Improvement Proposal (EIP) 1559, through which the <a href="https://www.cryptoknowmics.com/news/ethereum-gas-fees-hit-the-lowest-rate-in-the-past-6-months/">Ethereum</a> network was upgraded. Since then, over $5.69 billion worth Ether has been burned using today's exchange rates. 

Since the <a href="https://www.cryptoknowmics.com/news/eip-1559-upgrade-now-burns-more-than-200000-ethereum/">EIP-1559</a>, the community observed last year how much Ethereum is burning on a day-to-day basis. Ethereum advocates like this concept as it makes Ether deflationary over time. With the implementation of the London hard fork, <a href="https://www.cryptoknowmics.com/news/russias-attack-on-ukraine-is-a-crime-says-vitalik-buterin/">Vitalik Buterin</a> had claimed that EIP-1559 is a vital part of London. 

Later in January 2021, the complete <a href="https://www.cryptoknowmics.com/news/ninja-fantasy-trader-announces-its-first-presale-of-the-rarest-nftraders-or-samurais/">NFT</a> transactions volume on <a href="https://www.cryptoknowmics.com/news/user-sues-opensea-for-1m/">OpenSea</a> observed a recorded high of $3.5 billion. As reported last month, Ethereum ranks first on the burn leaderboard as well.

$5.69 Billion Ethereum Burned By EIP-1559

Over $5.69 Ethereum was burned by Ethereum Improvement Proposal (EIP) 1559 till date.

Priyanka is an active crypto enthusiast. Having graduated with a BA in Journalism and Mass Communication, she is a passionate content writer with a strong understanding of financial content. She has been writing on crypto and blockchain-related topics for the last three years and is an active trader.

$5.69 Billion Ethereum Burned By EIP-1559

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