...and since EIP-1559 that went live on August 5th, over $4.6 billion worth of ETH fees have been burned into non-existence.
These fees used to be paid to miners. Now the currency paid as transaction fees are simply destroyed.
These fees used to be paid to miners. Now the currency paid as transaction fees are simply destroyed.
Starting August 5th for the first time, coins that were created were literally destroyed.
You can see the profound impact this has had on the total ETH supply in the chart below. You'll see the growth curve largely flattened out.
How did they pull that off w/o a hard fork?
Or was this a planned feature from the get go?
It was first proposed by Vitalik in 2018 but lay dormant for a while before being picked up by community members and being prepared for inclusion. IIRC it took about 2 years to get it into production.
Besides the technical changes it's interesting as the most vocal proponents weren't developers and as such its inclusion was truly driven by the community.