Last Thursday, Ether's London hard fork, a mechanism to limit ETH supply growth, went live. Over $100 million in ETH has been destroyed or removed from circulation since then, causing the price to rise from $2,725 to $3,230. While EIP-1559 was intended to improve user experience by automating transaction prices and removing the guesswork from an opaque auction process, it has mostly served to increase demand by lowering supply.