5,578 ETH Worth $10M Was Just Burned
Portfolio Pulse from Benzinga Insights
A total of 5,578.72 Ether (ETH) worth $10,579,992 was burned from Ethereum transactions on Thursday. This follows the implementation of the Ethereum improvement proposal EIP-1159, which changes 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, but this is expected to decrease to around 0.5-1% with the Ethereum 2.0 upgrade, potentially making ETH a deflationary currency.
July 21, 2023 | 6:00 pm
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The burning of Ether reduces its supply, which could increase its value if demand remains constant or increases. The Ethereum 2.0 upgrade could further decrease the issuance rate of new Ether, potentially making ETH a deflationary currency.
The burning of Ether reduces its supply, which according to the law of supply and demand, could increase its value if demand remains constant or increases. The Ethereum 2.0 upgrade is expected to decrease the issuance rate of new Ether, which could further reduce its supply and potentially make ETH a deflationary currency, which could also increase its value.
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