At the time of writing, 477,000 ETH worth $1.7 billion has been destroyed, with a current rate of $1.3 million or 372 ETH burned each hour.
The entire supply of Ethereum is at 117,842,811, making it 0.5 percent burnt. At this rate, around 3% of the overall supply would be used each year.
Miners are now receiving around 4% fresh supply. As a result, Ethereum’s annual inflation rate has been reduced by 75% to 1% of the total supply.
That’s less than bitcoin, which is now at 1.76 percent, with ETH burning making it roughly half of that, in a sort of reversal of sorts, as bitcoin’s inflation has traditionally been half that of ETH.
If this burning rate continues after the merging – maybe in the spring – ethereum would become deflationary, with its total supply shrinking by 2% per year.
This burning rate is primarily due to NFTs, the most significant contributors to burning as a category.