6,486 ETH Worth $12M Was Just Burned
Portfolio Pulse from Benzinga Insights
A total of 6,486.59 Ether (ETH) worth $12,125,700 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 introduced 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 -8.11%.
July 28, 2023 | 6:00 pm
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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 removes it from circulation, reducing the overall supply. If demand remains constant or increases, this could lead 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.
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