11/24 () recorded a historic milestone when surpassing the threshold of 1 million burned by the EIP-1559 upgrade.

hit the 1 million mark ETH burned by EIP-1559

After 111 days from the event To support EIP-1559 on August 5, Ethereum crossed the threshold of 1 million ETH burned. At $4,280/ETH at the time of writing, this amount is worth up to $4.28 billion.

EIP-1559 is an upgrade to impose a BASE FEE mechanism for Ethereum transaction fees. This mechanism prevents fees from suddenly skyrocketing, affecting the usage of users. In addition, a part of transaction fees will be burned to create deflationary pressure.

List of projects that burn the most ETH fees for EIP-1559. Source: Ultrasound.money

The success of EIP-1559 is in no small part due to the extremely high level of application of Ethereum in the second half of 2021, with the trend of and games helped create a large volume of transactions to burn ETH. Whereby, and are two typical representatives. In addition, projects large as , , and continues to maintain its position as the "lifeline" of ETH and other on Ethereum like () and Coins () travels throughout the ecosystem.

Even so, the network the second largest in the world is still "obsessed" because of the problem of too high transaction fees. This is also the reason for the recent controversy of the investment fund Three Arrows Capital () with the community of ETH supporters, leading to the announced to stop supporting Ethereum.

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Besides, with the success of EIP-1559 in reducing the supply of ETH, the Others are also proposing to burn coins, most notably with upgrade implemented on 11/30.

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