3,087 ETH Worth $5M Was Just Burned
Portfolio Pulse from Benzinga Insights
On Sunday, 3,087.63 Ether (ETH) worth $5,592,687 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 -1.68%.
August 07, 2023 | 6:00 pm
News sentiment analysis
Sort by:
Ascending
POSITIVE IMPACT
The burning of Ether following the EIP-1159 upgrade could potentially lead to a decrease in supply and an increase in the value of Ether. The Ethereum 2.0 upgrade is also expected to decrease the issuance rate of Ether, further impacting its value.
The burning of Ether removes it from circulation, decreasing the supply. The Ethereum 2.0 upgrade is expected to decrease the issuance rate of Ether, further decreasing the supply. Both these factors could potentially increase the value of Ether due to the principles of supply and demand.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100