Approximately $16.7 million in AVAX was destroyed in the past week, 10 times that of the previous week

Avalanche users destroyed 439,000 AVAX tokens worth approximately $16.7 million during transactions in the past week, reducing the token's circulating supply and bringing the weekly amount of destroyed AVAX to its highest level yet. On the Avalanche network, all transaction fees are destroyed. The fees are based on the EIP-1559 design, which introduces a burning element to Ethereum's transaction fees. The difference is that Ethereum pays some of the transaction fees to validators and burns the rest, while Avalanche completely destroys them.