A total of 5,084.96 Ethereum coins worth $20,988,765 was burned from Ethereum transactions on Sunday at current price of $4,127

When a coin or token is burned, it is sent to an unusable wallet so that it can no longer be used

EIP-1159, a significant upgrade to the Ethereum blockchain, went live on August 5th, 2021.

Ethereum's fee model was fundamentally altered by this new improvement proposal.

Since then, the base fee for each transaction has been changed to one that fluctuates based on how much block space is currently in demand.

The supply of Ether is permanently reduced as a result of the permanent removal of this base fee from circulation.

As part of Ethereum 2.0, the annual issuance rate of new Ether is expected to drop to around 0.5-1 percent from the current 4%.

As a result, many believe that ETH will become a deflationary currency once the burn rate of Ether exceeds the issuance rate.

People are going crazy over these crypto chocolates

Read More Interesting Crypto & Stock Market News Like this That No Media Covers

Top Web 3.0  Crypto's for 2022