5,779 ETH Worth $10M Was Just Burned
Portfolio Pulse from Benzinga Insights
A total of 5,779.59 Ether (ETH) worth $10,691,382 was burned from Ethereum transactions on Tuesday. 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.
June 07, 2023 | 6:00 pm
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The burning of 5,779.59 ETH following the EIP-1159 upgrade may lead to a deflationary currency, potentially impacting the value of Ethereum.
The EIP-1159 upgrade introduced a variable base fee that is burned, lowering the supply of Ether. This may lead to a deflationary currency as the burn rate could become greater than the token's issuance. As a result, the value of Ethereum may be positively impacted in the short term.
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