Dune Analytics reveals that a total of 303,681.05 Ether, which is worth $1.032 billion has been burned since the last network upgrade. This burning mechanism was added to solve the issue of the high fees miners go through to process transactions. The activation of the London hard fork Upgrade helps to solve this high feed issue, non-fungible tokens (NFTs) and decentralized application (dApps) has also contributed to Ethereum's growing demands.
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https://cryptocrunchapp.com/news/over-1b-worth-of-eth-burned-since-london-hard-fork-upgrade