4,722 ETH Worth $8M Was Just Burned
Portfolio Pulse from Benzinga Insights
A total of 4,722.77 Ether (ETH) worth $8,576,982 was burned from Ethereum transactions on Sunday. 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.
June 05, 2023 | 6:00 pm
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4,722.77 ETH worth $8,576,982 was burned, following the EIP-1159 upgrade that introduced a variable base fee, lowering the supply of Ether and potentially making it a deflationary currency.
The EIP-1159 upgrade has introduced a variable base fee that is burned, lowering the supply of Ether. As the supply decreases, the value of Ether may increase due to scarcity. Additionally, with the Ethereum 2.0 upgrade, the issuance rate is expected to decrease, potentially making Ether a deflationary currency, which could further increase its value.
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