On Wednesday, 8,516.58 Ether (ETH) worth approximately $25.4 million was burned, permanently removing it from circulation. This action is part of the Ethereum blockchain's EIP-1159 upgrade implemented on August 5, 2021, which introduced a variable base fee for transactions that is burned. The current issuance rate of new Ether is 4% per year, expected to decrease to 0.5-1% with the Ethereum 2.0 upgrade, potentially making ETH a deflationary currency. The net annualized issuance rate for Ether was -9.51% yesterday.