3,304 ETH Worth $6M Was Just Burned
Portfolio Pulse from Benzinga Insights
A total of 3,304.32 Ether (ETH) worth $6,274,266 was burned from Ethereum transactions on Sunday. This follows the Ethereum blockchain's upgrade known as EIP-1159, which changed the fee model and burns a base fee from each transaction, permanently removing it from circulation. 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 -2.27% yesterday.
July 17, 2023 | 6:00 pm
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The burning of Ether following the EIP-1159 upgrade could potentially lead to ETH becoming a deflationary currency. This, combined with the expected decrease in issuance rate with the Ethereum 2.0 upgrade, could impact the value of ETH.
The burning of Ether removes it from circulation, reducing the supply. The Ethereum 2.0 upgrade is expected to decrease the issuance rate of new Ether. Both these factors could lead to ETH becoming a deflationary currency, potentially increasing its value.
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