6,854 ETH Worth $13M Was Just Burned
Portfolio Pulse from Benzinga Insights
A total of 6,854.19 Ether (ETH) worth $13,459,506 was burned from Ethereum transactions on Thursday. This follows the implementation of the Ethereum improvement proposal EIP-1159 on August 5th, 2021, which changed the fee model and burns a variable base fee from each transaction. 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 was -9.07% yesterday.
July 14, 2023 | 6:00 pm
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POSITIVE IMPACT
The burning of Ether, following the implementation of EIP-1159, is expected to lower the supply of Ether, potentially leading to a price increase. The Ethereum 2.0 upgrade is also expected to decrease the issuance rate of new Ether, further impacting the supply-demand dynamics.
The burning of Ether reduces its supply. If demand remains constant or increases, this could lead to a price increase. The upcoming Ethereum 2.0 upgrade is also expected to decrease the issuance rate of new Ether, further impacting the supply-demand dynamics and potentially leading to a price increase.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 100