4,710 ETH Worth $8M Was Just Burned
Portfolio Pulse from Benzinga Insights
On Wednesday, 4,710.67 Ether (ETH) worth $8,699,005 was burned from Ethereum transactions. This is a result of the Ethereum blockchain's upgrade known as EIP-1159, which changes the fee model and burns a base fee from each transaction. This reduces the supply of Ether. 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.
August 10, 2023 | 6:00 pm
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The burning of Ether due to the EIP-1159 upgrade reduces the supply of Ether, potentially increasing its value. The expected decrease in the issuance rate with the Ethereum 2.0 upgrade could make ETH a deflationary currency, which could further increase its value.
The burning of Ether reduces its supply, which could increase its value if demand remains constant or increases. The expected decrease in the issuance rate with the Ethereum 2.0 upgrade could further reduce the supply of Ether, potentially making it a deflationary currency and further increasing its value.
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