Definition. On 5 August 2021, the Ethereum London hard fork executed (at block height 12,965,000), activating the EIP-1559 change. EIP-1559 made adjustments to the Ethereum gas fee market, with a key change being the burning of the BASEFEE portion of the gas paid. This chart tracks how much of all ETH ever minted has since been destroyed by that mechanism, presenting:

• 🟢 Minted Supply: the total ETH supply issued by the protocol to miners and validators over time.

• 🔴 Burned Supply: the total ETH supply burned since EIP-1559 was activated.

• 🔵 Circulating Supply: the total ETH in circulation, calculated as Minted Supply - Burned Supply.

• 🟣 Percent Supply Burned: the percent of total Minted Supply which has been burned by EIP-1559.

Technical. The headline trace is the ratio of the two cumulative series:

• Percent Minted Supply Burned = Burned Supply / Minted Supply

Interpretation. The percent burned expresses the cumulative bite EIP-1559 has taken out of all supply ever issued, and its slope reflects the balance between ongoing issuance and ongoing burn: the trace steepens during high-activity regimes where burn outpaces new minting, and flattens when blockspace demand is quiet. The widening gap between Minted and Circulating supply visualizes the same effect in absolute terms.

Notes. Built from Minted Supply, Burned Supply and Circulating Supply. See also Daily Supply Burned and the Annual Rate of Supply Issuance, Minting, and Burning.