The most recent update to Ethereum, “London,” went live earlier this month. This update was very highly anticipated because of its influence on the economics of fees within the ecosystem. Two major changes were rolled out: one that decreased the average fee cost for transactions and another that destroyed much of the fee, in lieu of paying it all to miners. This means that the total supply of Ethereum is being decreased, making it a deflationary currency.
Before these changes were deployed, it was unclear just how much of an effect they would have on the amount of Ethereum in circulation. As of this article’s writing, roughly $235M in Ethereum has been burned in the 3 weeks since the update; that is nearly 73,000 ETH.
TL;DR: $235M worth of ETH has been burned since the London Fork went live – that’s nearly 73,000 ETH!