
Following Thursday's London upgrade, the Ethereum (CRYPTO: ETH) network started burning thousands of coins each day, this is not only a welcome blow to Ether's inflation: many expect that in the future it may make it a deflationary asset.
What Happened: According to network data, over 4,418 ETH (equivalent to over $12.1 million) were burned in under 22 hours after the network implemented Ethereum Improvement Proposal (EIP) 1559 as part of the London hard fork.