During the last month, over 143,830 ether worth $275 million has been burnt, according to tracker TheSamReynolds writes
Ultra sound money is an Ethereum meme focusing on the likely decrease of the ETH supply. If capped-supply gold is sound, decreasing-supply ether is ultra sound.The ETH supply decreases whenever more ETH is destroyed via fee burn than ETH is created via issuance.
Fee burn is a scarcity engine fuelled by Ethereum's transactional utility.Fee burn is a mechanism which destroys ETH base fees paid for transaction inclusion on Ethereum. Fee burn started August 5, 2021 with the activation ofBase fees are protocol-quoted minimum fees for transaction inclusion in an Ethereum block. Priority fees paid in addition to base fees are not burned.
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