4,760 ETH Worth $8M Was Just Burned
Portfolio Pulse from Benzinga Insights
A total of 4,760.98 Ether (ETH) worth $8,767,440 was burned from Ethereum transactions on Thursday. 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 was -4.80% yesterday.
August 04, 2023 | 6:00 pm
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POSITIVE IMPACT
The burning of Ether following the EIP-1159 upgrade could potentially lead to a decrease in supply, which may increase the value of ETH in the short term. The expected decrease in issuance rate with the Ethereum 2.0 upgrade could further impact this.
The burning of Ether removes it from circulation, reducing the supply. If demand remains constant or increases, this could potentially increase the value of ETH. The expected decrease in issuance rate with the Ethereum 2.0 upgrade could further reduce supply, potentially leading to an increase in value.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 100