XEN Miners Burn Gas, Ethereum Insuance Declines To Zero
The Ethereum issue is set to revert to being deflationary. This is a time when on-chain activity and gas use tend to rise. The Ethereum network saw an increase in on-chain activity over the weekend. This has resulted in a rise of gas consumption, which has led to an increase in the amount of ETH that is being burned. EIP-1559 was last updated in August 2021.