About $2 billion worth of Ethereum (603,452 ETH) has now been burned by the Ethereum network, fueling the furnace that’s driven the cryptocurrency to its latest all-time high.
Ethereum started burning ETH after EIP-1559 was introduced on August 5. The mechanism removes about $30 million ETH from circulation each day by sending it to a defunct address. This replaces the previous method of paying ETH to miners for validating transactions.
EIP-1559 was designed to hasten a long-anticipated upgrade called Ethereum 2.0. The upgrade verifies Ethereum transactions with proof of stake, an energy-efficient algorithm that replaces the computationally heavy proof of work mechanism.
While Ethereum is expected to “merge” with the proof-of-stake Ethereum 2.0 blockchain by early 2022, it will still take a few years before Ethereum 2.0 has the same smart contract capabilities that Ethereum has today.
One of the popular misconceptions around EIP-1559 was that it would reduce gas fees—it stil
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