The London hard fork took place in August 2021 and since then the Ethereum network has burned over 2 million ETH coins. The leader in destroyed Ethereum coins is the OpenSea NFT platform with a result of 230,044 ETH.
The burning of altcoins occurs thanks to the EIP-1559 algorithms, which proposes to burn a part of the transaction fees. This reduces the burden on the main grid and helps reduce gas price volatility.
Thanks to the London hard fork, an average of six ETH coins are burned per minute. The mechanism is putting deflationary pressure on the cryptocurrency, and within seven months, the altcoin has become more of a deflationary tool than Bitcoin.