3,204 ETH Worth $5M Was Just Burned
Portfolio Pulse from Benzinga Insights
A total of 3,204.96 Ether (ETH) worth $5,333,412 was burned from Ethereum transactions on Sunday. 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, permanently removing it from circulation. 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 was -1.78% yesterday.
August 21, 2023 | 6:00 pm
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The burning of Ether, coupled with the Ethereum 2.0 upgrade that will decrease the issuance rate, could potentially make ETH a deflationary currency. This could increase the value of ETH in the long run.
The burning of Ether removes it from circulation, reducing the supply. The Ethereum 2.0 upgrade will further decrease the issuance rate. Both these factors could lead to ETH becoming a deflationary currency, which could increase its value as the supply decreases.
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