A total of 303,232.72 ETH has been burned
Currently, ultrasound.money, a platform tracking the burn process, reports a total burn of 303,232.72 ETH. At current prices, this equates to just over $1 billion ether burned. The burn process began on August 5, when the Ethereum Foundation launched the Ethereum London upgrade, introducing the long-awaited EIP-1559 upgrade to the network. The upgrade changed the transaction fee mechanism to eliminate auctions and make gas fees more predictable while also burning some network fees.Miners on the network produce about 13,000 ETH each day (which they receive as mining rewards), but the burn mechanism is starting to counteract that. On some days, the amount of ETH burned has overtaken the amount produced. As a result, Ethereum's inflation rate has dropped.
When will Ethereum become deflationary?
While EIP1559 was a major upgrade for Ethereum, the more important upgrade will be the move to a Proof of Stake model with shards (side networks). Proof of Stake changes the entire mining system and rewards those who stake Ether by giving them the right to verify transactions. This change is expected to be completed in 2022 and is called Ethereum 2.0.Once the change from Proof of Work to Proof of Stake is complete, the issue is expected to become deflationary as more ETH is burned than produced. In the simulation, the value is currently -1.9%.
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