Since the implementation of EIP-1559, a total of 2.8 million ETH, or nearly $4.6 billion at today’s values, has been pulled from circulation.
According to Ultrasound Money, the Ethereum protocol has burned more than 16,364 ETH in the previous seven days at an estimated pace of 1.62 ETH per minute.
The two categories—Open Sea and Uniswap V3 have destroyed approximately 8,000 ETH this week.
Since EIP 1559, growth has now decreased to -1.06% annually. Also, Ethereum is deflating faster than Bitcoin.
The token supply for the network has changed across several checkpoints and upgrades, as shown in the graph below. The dotted line indicates that the deflation trend is anticipated to endure for the following two years.