Nearly $9 billion worth of ETH was burned in 1.4 years

The second largest cryptocurrency by market cap, Ethereum (ETH), implemented a token burn mechanism on Aug. 5, 2021, through the Ethereum Improvement Proposal (EIP) 1559 upgrade. Since then, nearly $9 billion worth of tokens have been burned cumulatively, data from Glassnode indicates.

A total of around 2.8 million ETH tokens have been removed from the supply since the burn mechanism was instituted, according to data from ultrasound.money.