EIP-1559, Ethereum’s popular fee-burning proposal, has taken over 2 million ETH out of circulation. EIP-1559 was introduced to adjust Ethereum’s fee as its gas fees had adopted an auction system that made transaction costs unpredictable. It also adds deflationary pressure on ETH and reduces the supply over time. With the benefits of EIP-1559 and reduced emissions from switching to Proof-of-Stake, ETH intends to become a deflationary asset.