Unfortunately, the coin burning rate decreased significantly after the cryptocurrency market crash we saw in June and at the end of May. With the massive number of investors leaving the market, Ethereum network usage and revenue dropped significantly, which directly affects the number of coins burned daily.
For now, the burning mechanism removes around 4,000 ETH from circulation daily, allowing the market to avoid an additional $4.3 million worth of pressure every day. The daily net issuance stays at around 7,000 ETH.Contrary to the expectations of various Ethereum maximalists, the burning mechanism does not seem to greatly affect the performance of the asset on the crypto market, at least not in a short period of time.
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