You may have heard about the hard fork. In layman’s terms, Ethereum was upgraded to improve the efficiency. Before the hard-fork, transactions were prioritized based on how much people were willing to pay, much like the ‘fast pass’ at Disney, leading to inflated gas prices. In the new upgrade, the base ‘fee’ to send Ethereum is now burned, decreasing the overall supply in a way that increases the price. As a result, 800,000 Ethereum has already been burnt.
The Ethereum London Hard Fork (3/5)