9,702 ETH Worth $18M Was Just Burned
Portfolio Pulse from Benzinga Insights
A total of 9,702.15 Ether (ETH) worth $18M was burned from Ethereum transactions on Tuesday. This follows the implementation of the EIP-1159 upgrade on August 5th, which changed the fee model and introduced a variable base fee that is burned, lowering the supply of Ether.
May 31, 2023 | 6:00 pm
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The burning of 9,702 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.
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