Ethereum Has Incinerated $13.57B in ETH — Yet Its Supply Continues Rising
Over 1,438 days, the Ethereum network has burned more than 4.6 million ether—erasing $13.57 billion in value—yet supply still expands, with annual inflation at 0.801%.
Key Takeaways:
ShowEthereum Has Destroyed 4.6 M ETH
Since the London hard fork on Aug. 5, 2021 (block 12,965,000), which began burning a portion of gas fees, Ethereum has torched over 4.6 million ETH. At current rates, that equates to roughly $13.57 billion vaporized.
Across 1,438 days, this averages 2.22 ETH burned per minute, driven largely by standard ETH transactions. Opensea follows with 230,051.12 ETH burned, Uniswap v2 with 227,044.95 ETH, and USDT transfers with 210,070.05 ETH.
Supply Growth Outpaces Burn
Despite 4.6 million Ethereum (ETH) destroyed, the network remains inflationary, averaging 0.801% issuance since London—nearly matching Bitcoin’s 0.809% rate.
Ultrasound.money’s seven-day data shows issuance dipping to 0.723%, with 16,745.66 ETH minted last week. Since Aug. 5, 2021, 3,695,537 ETH ($10.89 billion) have entered circulation, compared to Bitcoin’s 1,092,150 BTC ($129.92 billion) minted over the same span.
Ethereum’s evolving economic model blends issuance and burns in a unique monetary policy, far below the 3.394% inflation PoW would have yielded.
Final Take
Ethereum’s deflationary burns have removed billions, but issuance still outpaces destruction—creating a distinctive, finely tuned monetary dynamic.
