Over 20,000 ETH Burned So Far Since London Upgrade

The ETH 2.0 London upgrade was successful. Since going live on August 5th over 20,000 ETH has been burned.

Under the new rules, a base gas fee paid with every transaction is burned. When there is more demand on the network, more ETH is burned. Right now about 3 ETH is being burned every minute. While this isn’t necessarily going to make ETH deflationary, it does curve the emission rate in general and has the potential of making ETH deflationary at times.

You can check out the ETH burn rate yourself to see what EIP-1559 and the London Upgrade are doing in real-time.