3,941 ETH Worth $7M Was Just Burned
Portfolio Pulse from Benzinga Insights
A total of 3,941.93 Ether (ETH) worth $7,368,412 was burned from Ethereum transactions on Tuesday. 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 21, 2023 | 6:00 pm
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The burning of 3,941.93 ETH following the EIP-1159 upgrade may lead to a deflationary currency, potentially impacting the value of ETH.
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 ETH in the short term.
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