5,049 ETH Worth $9M Was Just Burned
Portfolio Pulse from Benzinga Insights
A total of 5,049.21 Ether (ETH) worth $9,314,279 was burned from Ethereum transactions on Wednesday. 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 08, 2023 | 6:00 pm
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The burning of 5,049.21 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. This could potentially impact the value of Ethereum in the short term.
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