The Ethereum network has now burned over 1 million ETH since the London upgrade that ushered in the fee burning mechanism, according to figures from WatchTheBurn — a website that tracks the transaction fee burning process. At the current price of ether, the total value of the total ETH destroyed so far now stands at over $4.2 billion. In August, the London upgrade introduced Ethereum Improvement Proposal 1559 (EIP-1559) that split transaction fees in two: a base cost and a priority fee. The former is burned while the latter serves as a form of payment to miners. The purpose of EIP-1559 was to make transaction fees ... (full story)