3,780 ETH Worth $6M Was Just Burned
Portfolio Pulse from Benzinga Insights
A total of 3,780.06 Ether (ETH) worth $6,561,696 was burned from Ethereum transactions on Monday. 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 13, 2023 | 6:00 pm
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The burning of 3,780.06 ETH worth $6,561,696 may lead to a deflationary currency as the Ethereum 2.0 upgrade is expected to decrease the issuance rate.
The EIP-1159 upgrade introduced a variable base fee that is burned, lowering the supply of Ether. With the Ethereum 2.0 upgrade, the issuance rate is expected to decrease, potentially causing ETH to become a deflationary currency. This may have a positive impact on the price of ETH in the short term.
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