Since EIP 1559 was implemented on Aug. 4, 620,000 ETH at a market value of $2.6 billion has been burned through transaction fees. Using that burn rate and the current network demand metrics, Ethresear.ch found that around 2.5% of ether’s circulating supply would be burnt annually. Under proof-of-work, the 2.5% burn only offsets a portion (~39%) of ether’s emission schedule. However, emissions fall drastically post-Merge, potentially even making the asset deflationary.
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