8,336 ETH Worth $15M Was Just Burned
Portfolio Pulse from Benzinga Insights
A total of 8,336.64 Ether (ETH) worth $15.6 million was burned from Ethereum transactions on Wednesday, following the implementation of the EIP-1159 upgrade on August 5th. This upgrade changed the fee model and introduced a variable base fee that is burned, lowering the supply of Ether.
June 01, 2023 | 6:00 pm
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The EIP-1159 upgrade has led to the burning of 8,336.64 ETH, worth $15.6 million, potentially impacting the value of Ethereum.
The EIP-1159 upgrade has introduced a variable base fee that is burned, lowering the supply of Ether. This reduction in supply could lead to an increase in the value of Ethereum, as the demand for the cryptocurrency remains strong. With the Ethereum 2.0 upgrade expected to further decrease the issuance rate, the value of Ethereum may continue to rise in the short term.
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