The September conversion of the Ethereum blockchain, reduced the rate of new ETH coin issuance by 90%, thanks to a change from PoW consensus to PoS. At the same time, the developers left in place a mechanism to burn off some of the transaction fees, which led to the first deflation in the network last week.

According to the Ethereum blockchain, the total supply of coins decreased by 0.13% during last week for the first time in history.

The reason for the deflation of 4,000 ETH was the XEN project, created by a former Google manager. The new smart contract accounted for 40% of all transactions of the network at the end of last week. User activity led to an increase in commissions and coin burns.

Despite deflation, which usually increases the value of the cryptocurrency Ethereum lost 3% of its value by the end of the week.

https://altcoin.ng/xen-crypto-burns-4000-eth-on-ethereum-network/