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
  • 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

Javits Center North | 445 11th Ave

Tues - Thurs, March 24 - 26, 2026

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.

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

Unlocked by Template (1).jpg

Research

As AI supercharges surveillance, privacy becomes a prerequisite and the winning stack will combine confidentiality with selective disclosure. Zcash’s Tachyon, composable standards on Ethereum/Solana, and compliance-aware pools aim to make private rails the new norm.

article-image

The derivatives giant will extend futures and options access to round-the-clock trading in early 2026

by Blockworks /
article-image

Global fiber network goes live as SEC clears 2Z token for utility use

by Blockworks /
article-image

The SPAC transaction positions Avalanche Treasury Co. as a Nasdaq-listed vehicle for institutional AVAX exposure by 2026

by Blockworks /
article-image

The collaboration brings regulated money market fund exposure to Polygon, with custody provided by Standard Chartered

by Blockworks /
article-image

FG Nexus teams with Securitize to bring its Nasdaq-listed equity onchain, offering tokenized stock trading through Ethereum

by Blockworks /
article-image

Sponsored

Taiko launches binding onchain governance and appoints three directors with expertise in global regulation, business strategy and blockchain tech

by Sponsored /