The recently upgraded version of Ethereum has already burned more than 200,000 ETH (around $675 at the prices at which it was burned). In total 204,281.8 ETH have been burned, which was worth $682 million.
At the current rate, around 300 ETH (worth $1.2 million) are burned every hour. Only today 4,877 ETH have already been burned. 10,675 ETH were burned yesterday, while 13,839 ETH were burned on Friday.
EIP-1559 was released in August as an upgrade for Ethereum 2.0, the new Ethereum that will work with proof-of-stake, moving from proof-of-work.
Instead of paying ETH to miners who are in charge of validating transactions in a proof-of-work scenario, ETH is simply destroyed. Naturally, this decision proved to be highly unpopular with miners.
The move to Ethereum 2.0 is scheduled to take place in late 2021 or early 2022. Still, it will be a few years before Ethereum 2.0 will be able to enjoy the same smart contract functionality as Ethereum 1.0.
One of the reasons why EIP-1559 was implemented was to reduce fees, but they’ve continued to remain high, in part due to the comeback of NFTs. For example, at the moment, a single swap on Uniswap costs $76.31, while an ERC-20 transfer is worth $24.8.