Ether Burn Hits $1.1B After EIP-1559 Activation

Approximately 386,466 ETH, or about $1.1 billion, has been burnt at the time of publication, according to ultrasound money’s tracker.

article-image

Source: Shutterstock

share

key takeaways

  • ETH Burn Bot tweeted that the annualized issuance of ether was slightly in a deflationary period at negative 0.59% at 2pm ET, down from a positive 0.27% just an hour earlier
  • As of Monday, gas prices were at a level of 138.46, up 60.93% from 86.03 on the year-ago date, according to data from YCharts

Over $1 billion of ether has been burned since the August 5th implementation of EIP-1559 — hitting another milestone for the cryptocurrency.

Approximately 386,466 ETH, or about $1.1 billion, has been burnt at the time of publication, according to ultrasound money’s tracker. 

ETH burn

This milestone follows the activation of EIP-1559 in early August as part of the London Hard Fork, which moves transaction fees that once went to Ether miners now are destroyed through the issuance of burn blocks. 

On Tuesday, a separate tracker on Twitter called the ETH Burn Bot tweeted that the annualized issuance of ether was slightly in a deflationary period at negative 0.59% at 2pm ET, down from a positive 0.27% just an hour earlier.

Although ether is slightly in a deflationary period currently, it is expected to face greater deflationary periods more often once the Ethereum blockchain transforms into a proof-of-stake system in 2022 as a part of Ethereum 2.0.

A deflationary period for ether occurs when the amount of ether burned exceeds the issuance amount so the Ethereum blockchain goes into a deflationary cycle through issuance of deflationary blocks, Blockworks previously reported

As of Monday, gas prices were at a level of 138.46, up 60.93% from 86.03 on the year-ago date, according to data from YCharts. Ethereum is trading at $2,885.87, down 3.3% on the day as of 4:28 pm ET on Tuesday, according to CoinGecko

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research Report Templates.png

Research

Content Delivery Networks (CDNs) represent low-hanging fruit in a massive market ripe for Web3-driven disruption. The global CDN market was valued at ~$28B in 2024, and is projected to surpass $140B by 2034, (18.75% CAGR) underscoring the immense demand for efficient content delivery.

article-image

As Satoshi-era wallets saw over $8 billion worth of BTC on the move, Congress is gearing up for “Crypto Week”

article-image

Bitcoin’s runaway success was partly driven by Slashdot

article-image

Blockworks Research data shows that VC spending is back on the rise after a slow May

article-image

After rejecting a bid from the AI cloud-computing startup last year, Core Scientific agreed to be acquired in a deal expected to close by Q4 2025

article-image

Sponsored

Plume’s collaboration with TRON will unlock cross-chain RWA yield for one of the world’s largest blockchain ecosystems

article-image

Who needs gold when you have taxes?