4,300 ETH Worth $7M Was Just Burned
Portfolio Pulse from Benzinga Insights
A total of 4,300.01 Ether (ETH) worth $7,052,020 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 -3.72% yesterday.
August 25, 2023 | 6:00 pm
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The burning of 4,300.01 Ether, worth $7,052,020, reduces the supply of Ether, potentially increasing its value. The Ethereum 2.0 upgrade is expected to further decrease the issuance rate of new Ether, making it a deflationary currency.
The burning of Ether reduces its supply, which could increase its value if demand remains constant or increases. The Ethereum 2.0 upgrade is expected to further decrease the issuance rate of new Ether, potentially making it a deflationary currency, which could also increase its value.
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