6,815 ETH Worth $11M Was Just Burned
Portfolio Pulse from Benzinga Insights
On Tuesday, 6,815.71 Ether (ETH) worth $11,609,882 was burned from Ethereum transactions. This follows the Ethereum blockchain's upgrade known as EIP-1159, which changed the fee model and burns a base fee from each transaction. 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 -8.14%.
August 30, 2023 | 6:00 pm
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The burning of Ether following the EIP-1159 upgrade and the expected decrease in issuance rate with Ethereum 2.0 could potentially make ETH a deflationary currency.
The burning of Ether reduces its supply, and the expected decrease in issuance rate with Ethereum 2.0 could further limit its availability. This could potentially increase the value of ETH, making it a deflationary currency.
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