3,075 ETH Worth $6M Was Just Burned
Portfolio Pulse from Benzinga Insights
On Sunday, 3,075.03 Ether (ETH) worth $6,042,210 was burned from Ethereum transactions. This follows the Ethereum blockchain's upgrade known as EIP-1159, which changed the fee model and burns a base fee from each transaction. This lowers the supply of Ether permanently. Ethereum is currently issuing new Ether at a rate of 4% per year, expected to decrease to around 0.5-1% with the Ethereum 2.0 upgrade. The net annualized issuance rate for Ether yesterday was -1.95%.
July 03, 2023 | 6:00 pm
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POSITIVE IMPACT
The burning of Ether following the EIP-1159 upgrade and the expected decrease in issuance rate with Ethereum 2.0 could potentially increase the value of ETH due to reduced supply.
The burning of Ether reduces its supply, and with the expected decrease in issuance rate with the Ethereum 2.0 upgrade, the supply of Ether will decrease even further. This could potentially increase the value of ETH due to the principles of supply and demand.
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