As part of EIP (Ethereum Improvement Proposal) 1559, launched all the way back in August 2021, the protocol has been burning ETH (crypto lingo for destroying) at a massive rate.

As per EIP-1559, a portion of all Ethereum transactions are destroyed: a piece of every NFT trade, yield strategy, and even simple token transfers. It’s all getting torched.

Since EIP-1559 was implemented, a grand total of 2.8 million ETH has been removed from circulation or roughly $4.6 billion at today’s prices.