2,770 ETH Worth $5M Was Just Burned
Portfolio Pulse from Benzinga Insights
A total of 2,770.96 Ether (ETH) worth $5,127,045 was burned from Ethereum transactions on Sunday. 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. Ethereum is currently issuing new Ether at a rate of 4% per year, expected to decrease to 0.5-1% with Ethereum 2.0.
June 26, 2023 | 6:00 pm
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2,770.96 ETH worth $5,127,045 was burned, following the EIP-1159 upgrade. Ethereum's issuance rate is expected to decrease with Ethereum 2.0, potentially making ETH a deflationary currency.
The EIP-1159 upgrade has introduced a variable base fee that is burned, reducing the supply of Ether. With Ethereum 2.0, the issuance rate is expected to decrease, potentially making ETH a deflationary currency. This could increase demand for Ether and positively impact its price in the short term.
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