3,544 ETH Worth $6M Was Just Burned
Portfolio Pulse from Benzinga Insights
A total of 3,544.19 Ether (ETH) worth $6,803,070 was burned from Ethereum transactions on Thursday. 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 23, 2023 | 6:00 pm
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The burning of 3,544.19 ETH worth $6M may lead to a deflationary currency as the Ethereum 2.0 upgrade is expected to decrease Ether issuance rate.
The EIP-1159 upgrade has introduced a variable base fee that is burned, lowering the supply of Ether. With the Ethereum 2.0 upgrade expected to decrease Ether issuance rate, this may lead to a deflationary currency, potentially increasing the value of ETH.
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