With the activation of EIP1559, the supply of ETH that is burned in the BASEFEE can be valued by multiplication with the spot price. This models the USD value which was effectively removed from circulation on a daily basis, and in total bu the burn mechanism.

This chart presents the following traces:

• 🔵 Daily Value Burned: reflecting the total ETH burned that day, valued at the spot price.

• 🔴 Cumulative Value Burned: reflects the cumulative sum of daily value burned.