Ethereum is up over 500% this year, outperforming Bitcoin by quite a bit. Bitcoin may have dominated the headlines this year, but it can be clearly stated that the real action this year is on Ethereum. Compared to an impressive near-100% rise in Bitcoin in 2021, Ethereum is up over 500%.

In the 131 days since EIP-1559 went live on the Ethereum blockchain, nearly 1.2 million ETH, currently worth over $4.4 billion, have been burned. It is estimated that if the pace stays the same, 3.3 million ETH will be burned by a year from now. The burn rate was caused in large part by NFT trading, DeFi protocols, and stablecoins on the blockchain network.