3,037 ETH Worth $5M Was Just Burned
Portfolio Pulse from Benzinga Insights
On Sunday, 3,037.77 Ether (ETH) worth $5,610,146 was burned from Ethereum transactions. 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, lowering the supply of Ether. 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 -1.54%.
August 14, 2023 | 6:00 pm
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The burning of Ether following the EIP-1159 upgrade is reducing the supply of Ether, potentially leading to a price increase. The Ethereum 2.0 upgrade is expected to further decrease the issuance rate, making Ether a deflationary currency.
The burning of Ether reduces its supply, which could increase its price if demand remains constant or increases. The Ethereum 2.0 upgrade is expected to further decrease the issuance rate, potentially making Ether a deflationary currency and further increasing its price.
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