The number of ETH burned in the network for two days exceeds the number of coins issued by the system as a reward for miners.
On October 27 and 28, more than 30,000 ETH were burned in the Ethereum network in total. On October 27, the EIP-1559 mechanism resulted in the destruction of 14,820 ETH, and on October 28, 16,800 ETH were burned. As a result of burning for two days in a row, the level of ether emission turned out negative. On October 27, it dug to -1500 ETH, and on October 28, it reached -3440 ETH.
This is not the first time that the level of ether emissions becomes negative. On September 3, it dropped to -333 ETH, and on September 7 and 8 the level of ETH emission reached -637 and -710 ETH, respectively.
EIP-1559 was projected in order to replace the pre-existing mechanism for calculating transaction fees. The offer was part of the July London hard fork.
Since the launch of the deflation mechanism in the summer of 2021, 668,000 ETH worth about $ 3billion have been burned on the Ethereum network.
Meanwhile, Ether’s price soared to a new all-time high of just above $4,400 on Thursday, bringing its total market capitalization to over half a trillion dollars at $516 billion.