Since the launch of the EIP-1559 update, 2 million ETH (approximately $7 billion) have been burned on the Ethereum network.
The EIP-1559 update involves burning a portion of transaction fees based on network utilization and reducing gas price volatility.
Currently, the Ethereum network burns just over 6 ETH per minute. Most of the asset is burned thanks to OpenSea’s NFT platform. Second place went to the decentralized platform Uniswap.
The next major update to the Ethereum protocol will be the transition from the Proof-of-Work consensus mechanism to Proof-of-Stake.