2,719 ETH Worth $4M Was Just Burned
Portfolio Pulse from Benzinga Insights
On Sunday, 2,719.84 Ether (ETH) worth $4,491,109 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 -0.86%.
August 28, 2023 | 6:00 pm
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The burning of Ether, following the EIP-1159 upgrade, is reducing the supply of Ether. With the Ethereum 2.0 upgrade, the issuance rate is expected to decrease, potentially making ETH a deflationary currency.
The burning of Ether reduces its supply. The Ethereum 2.0 upgrade is expected to decrease the issuance rate of new Ether. If the burn rate exceeds the issuance rate, ETH could become a deflationary currency, potentially increasing its value.
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