4,519 ETH Worth $8M Was Just Burned
Portfolio Pulse from Benzinga Insights
On Monday, 4,519.98 Ether (ETH) worth $8,310,525 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 -4.23%.
August 15, 2023 | 6:00 pm
News sentiment analysis
Sort by:
Descending
POSITIVE IMPACT
The burning of Ether following the EIP-1159 upgrade is expected to lower the supply of Ether, potentially increasing its value. The Ethereum 2.0 upgrade is also expected to decrease the issuance rate of new Ether, further impacting its value.
The burning of Ether reduces its supply, which could increase its value if demand remains constant or increases. The upcoming Ethereum 2.0 upgrade is also expected to decrease the issuance rate of new Ether, which could further increase its value if demand remains constant or increases.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 100