Ether (ETH) burns at a rapid rate. Read on to discover the statistics behind Ethereum’s quest for deflationary mechanics.

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$ 4.24 billion in ETH burned since EIP-1559 event

Blockchain analytics platform CryptoRank shared quantitative data this week that revealed an excess of 1 million Ether, worth about $ 4.24 billion, which has been burned since the August implementation of Ethereum Enhancement Proposal 1559.

Also known as the London hard fork, the event marked a significant evolution of Ethereum’s fee structure, with each transaction burning a portion of the base fee. A simple case study of this process is the registration of block 13,689,874, which cost the user 98 Gwei in gas rates and burned 0.68 ETH.

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