4,742 ETH Worth $8M Was Just Burned
Portfolio Pulse from Benzinga Insights
A total of 4,742 Ether (ETH) worth $8.7 million 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, reducing the supply of Ether. Ethereum is currently issuing new Ether at a rate of 4% per year, expected to decrease to 0.5-1% with the Ethereum 2.0 upgrade. The net annualized issuance rate for Ether was -4.68% yesterday.
August 11, 2023 | 6:00 pm
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The burning of Ether reduces its supply, potentially increasing its value. The Ethereum 2.0 upgrade is expected to further decrease the issuance rate, which could make ETH a deflationary currency.
The burning of Ether removes it from circulation, reducing its supply. This could increase the value of the remaining Ether. The Ethereum 2.0 upgrade is expected to decrease the issuance rate of new Ether, which could make ETH a deflationary currency, potentially increasing its value further.
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