EIP-1559, Ethereum's famous fee burning proposal, has removed 2 million ETH out of circulation since its launch in August 2021.
The number one smart contract network, according to data from ultrasound.money, burned 2 million ETH today.
The entire ETH supply has been under deflationary pressure since Ethereum's London hardfork in August 2021, thanks to a fee-burning proposal known as EIP-1559.
For instance, EIP-1559 established a method that burns a portion of the gas fee with every Ethereum transaction, making it Ethereum's most popular update to date.
Also, EIP-1559 was created to correct Ethereum's fee market, which had previously used an auction method, making transaction costs unpredictable.
EIP-1559 requires Ethereum users to pay a "base fee" for transactions and an optional tip to miners in order for their transaction to be processed faster during periods of high congestion. EIP-1559 also puts downward pressure on the price of ETH, reducing supply over time.
Ethereum is currently burning little over 6 ETH every minute, according to ultrasound.money. OpenSea, the world's largest NFT marketplace, consumes a significant portion of that.
While Uniswap transactions were previously the network's biggest gas guzzler, a surge in the NFT market has pushed OpenSea to the top, with ETH transfers coming in second, ahead of Uniswap transactions.
Ethereum gets ready for a merge
The Ethereum Foundation's Tim Beiko reported that one client failed to produce blocks during the run-through, but anticipation for the merge has been building this week as Ethereum successfully completed a rehearsal of the event on the Kiln testnet.
The yearly inflation of the ETH supply is now at 4.5% to pay miners, but with Proof-of-Stake, the annual emission is expected to be closer to 1%.
The merger is tentatively expected to take place in June 2022, however the exact date has yet to be finalized.