The Ethereum network has already burned more than 2 million ETH worth $7 billion since August 2021 (activation of the London hard fork). The leader in terms of withdrawn coins is the OpenSea NFT marketplace with 230,044 ETH.
Recall that the London hard fork has an EIP-1559 proposal, which involves burning part of the transaction fees depending on the network load and reducing the volatility of the gas price.
The burning rate is on average 6 ETH per minute. The NFT segment accounts for 35% of all destroyed coins or 701,597 ETH. Second place is occupied by DeFi services with 651,336 ETH (33%).
Coin burns are putting deflationary pressure on Ethereum. In theory, the emission of the second largest cryptocurrency by capitalization can become negative. Periods have already been recorded when the protocol removed more ETH from circulation over the course of several days than it issued.
