According to reports, Ethereum is burning ether at a rate of $5.5 billion per year, ahead of the high-profile "Shapella" upgrade. Ethereum began burning ether 613 days ago when it implemented EIP-1559, which burns a portion of fees generated through transactions. However, the blockchain's total supply hasn't decreased, as the total supply of ether has increased by 3.23 million coins since EIP-1559 went live. The ether supply began to shrink after Ethereum implemented its high-profile switch from proof-of-work to proof-of-stake consensus mechanism, known as "The Merge." Since The Merge took place 208 days ago, the total supply of ether has dropped by 82,924 coins.

(By Adam James)