Ethereum’s EIP 1559 in August last year marked an important milestone for the network and ETH. The impact of that milestone is particularly evident in the fact that ETH is now deflationary.The latest Ethereum data reveals that the network has so far burned over 3 million ETH.
The total amount of ETH burned is worth over $9.09 billion, trimming the post Merge total supply by slightly over 62,000 ETH.
These findings underscore the progress that the Ethereum network has achieved so far as part of its PoS transition.ETH’s current 0.42% deflationary rate puts it well within the list of sound money.
Why is this important? Well, traditional fiat money is currently feeling the weight of inflation which has been gradually causing the loss of value.Read more on ambcrypto.com