4,588 ETH Worth $8M Was Just Burned
Portfolio Pulse from Benzinga Insights
On Monday, 4,588.44 Ether (ETH) worth $8,670,080 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. 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 -4.69%.
July 18, 2023 | 6:00 pm
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The burning of Ether following the EIP-1159 upgrade and the expected decrease in issuance rate with Ethereum 2.0 could potentially make ETH a deflationary currency.
The burning of Ether reduces its supply, and with the expected decrease in issuance rate with Ethereum 2.0, the supply of Ether could decrease faster than it is issued. This could potentially increase the value of Ether, making it a deflationary currency.
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