4.7M $AVAX has been burned to date ($111.6M USD). Every transaction on Avalanche incurs a gas fee, and 100% of those fees are destroyed and removed from circulation. This creates a deflationary mechanism. As more AVAX is burned than issued via staking rewards, net supply can shrink, strengthening scarcity. Supply is capped at 720M AVAX tokens. Your tokens are becoming more scarce by the day.