6,384 ETH Worth $12M Was Just Burned
Portfolio Pulse from Benzinga Insights
On Tuesday, 6,384.05 Ether (ETH) worth $12,203,624 was burned from Ethereum transactions. This follows the Ethereum blockchain's upgrade known as EIP-1159, which changed the fee model and includes a variable base fee that is burned, 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 yesterday was -8.08%.
July 19, 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 make ETH a deflationary currency. This could increase the value of ETH in the short term.
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 a decrease in supply, potentially increasing the value of ETH.
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IMPORTANCE 80
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