9,813 ETH Worth $18M Was Just Burned
Portfolio Pulse from Benzinga Insights
A total of 9,813.98 Ether (ETH) worth $18,144,474 was burned from Ethereum transactions on Monday. This follows the implementation of the EIP-1159 upgrade on August 5th, 2021, which changed the fee model and introduced a variable base fee that is burned, lowering the supply of Ether.
May 23, 2023 | 6:01 pm
News sentiment analysis
Sort by:
Descending
POSITIVE IMPACT
The burning of 9,813.98 ETH worth $18M may lead to a deflationary currency as the Ethereum 2.0 upgrade is expected to decrease the issuance rate.
The EIP-1159 upgrade has introduced a variable base fee that is burned, lowering the supply of Ether. With the Ethereum 2.0 upgrade expected to decrease the issuance rate, this may lead to Ether becoming a deflationary currency, potentially increasing its value in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100