3,223 ETH Worth $5M Was Just Burned
Portfolio Pulse from Benzinga Insights
A total of 3,223 ETH worth $5M was burned from Ethereum transactions on Sunday, following the implementation of EIP-1159 on August 5th, 2021. This upgrade changed the fee model, causing a base fee to be burned with each transaction, lowering the supply of Ether.
June 19, 2023 | 8:11 pm
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POSITIVE IMPACT
The burning of 3,223 ETH worth $5M may lead to a decrease in Ether supply, potentially impacting its value.
The implementation of EIP-1159 has led to the burning of Ether with each transaction, lowering its supply. This may cause Ether to become a deflationary currency, potentially increasing its value in the short term.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 100