Definition. Burned Supply is the cumulative sum of ETH destroyed by the EIP-1559 base-fee mechanism since the London Hard Fork activated it. Burn Rate (Base Fee) is the rate counterpart, and Minted Supply is the issuance counterpart.

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. Base fees of failed transactions are included.

Interpretation. Indicates the cumulative deflationary pressure on Ethereum.