6,762 ETH Worth $11M Was Just Burned
Portfolio Pulse from Benzinga Insights
On Tuesday, 6,762.24 Ether (ETH) worth $11,373,881 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, permanently removing it from circulation. This is expected to make ETH a deflationary currency once the Ethereum 2.0 upgrade is implemented.
August 23, 2023 | 6:00 pm
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The burning of Ether as a result of the EIP-1159 upgrade could potentially make ETH a deflationary currency, which could increase its value in the long term.
The EIP-1159 upgrade changes the fee model of Ethereum transactions, burning a base fee from each transaction and permanently removing it from circulation. This, along with the expected decrease in the issuance rate of new Ether due to the Ethereum 2.0 upgrade, could potentially make ETH a deflationary currency. A deflationary currency could increase in value as the supply decreases, which could positively impact the price of ETH.
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