4,890 ETH Worth $8M Was Just Burned
Portfolio Pulse from Benzinga Insights
A total of 4,890.62 Ether (ETH) worth $8,104,239 was burned from Ethereum transactions on Wednesday. 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 -4.70% yesterday.
August 31, 2023 | 6:00 pm
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The burning of Ether reduces its supply, potentially increasing its value. The implementation of EIP-1159 and the upcoming Ethereum 2.0 upgrade could further impact the value of Ether.
The burning of Ether reduces its supply, which could increase its value if demand remains constant or increases. The implementation of EIP-1159 changes the fee model and burns a base fee from each transaction, further reducing the supply of Ether. The upcoming Ethereum 2.0 upgrade is expected to decrease the issuance rate of new Ether, which could also increase its value if demand remains constant or increases.
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