Definition. Burned Supply is the cumulative sum of ETH destroyed by the EIP-1559 base-fee mechanism since the London Hard Fork activated it.

Technical. EIP-1559 established a per-transaction base fee that is sent to a burn address rather than to the block producer, reducing the overall ETH supply.

Interpretation. Indicates the cumulative deflationary pressure on Ethereum.

This is the Point-in-Time (PiT) variant of Burned Supply. PiT metrics are strictly append-only and their history is immutable. The historic data does not necessarily reflect the best current knowledge, but the information at the time when a data point was first computed. PiT metrics are ideal candidates for applications in model backtesting and related quantitative purposes. Read our article on PiT metrics for more information.