Ethereum's EIP-1559 Leads To Significant ETH Burn

According to PANews, since the activation of Ethereum Improvement Proposal (EIP) 1559, a total of 4,523,479.74 ETH, valued at over $15.3 billion, has been permanently burned. On-chain transfers account for approximately 8.17% of the total ETH burned, while transactions on the Opensea NFT platform contribute to about 5.08% of the burn. The decentralized exchange platform Uniswap has burned 225,723.78 ETH, representing 4.99% of the total ETH burned. Additionally, Tether (USDT) transactions on the Ethereum network have resulted in the burning of 205,458.95 ETH, making up 4.54% of the total. Currently, the network's inflation rate is at a moderate 0.820%, with the circulating supply of ETH increasing by 3,245,017.99 since the hard fork.