On August 5th, the London Fork introduced the Ethereum chain to its burning mechanism. Now over 4 months later, approximately 1,204,713 ETH has been burned, worth around $4.92 Billion. This is approximately 1% of the circulating supply.
22 days ago we reached 1 Million ETH burned, so in 3 weeks 200,000 ETH was burned. The rate of burn has continued to climb and we could definitely see that continue into 2022. If we continue at the same rate, Ethereum will have burned what is equivalent to 3% of the circulating supply.
Did you think we were going to hit 1% of the circulating supply so quickly?