3,379 ETH Worth $5M Was Just Burned
Portfolio Pulse from Benzinga Insights
On Monday, 3,379.33 Ether (ETH) worth $5,533,692 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 -1.97%.
September 05, 2023 | 6:00 pm
News sentiment analysis
Sort by:
Ascending
POSITIVE IMPACT
The burning of Ether from transactions, following the EIP-1159 upgrade, is expected to lower the supply of Ether, potentially making it a deflationary currency. This could impact the price of ETH in the short term.
The burning of Ether from transactions reduces the supply of the cryptocurrency. With the Ethereum 2.0 upgrade, the issuance rate of new Ether is expected to decrease, which could further reduce supply. This could potentially increase the price of ETH in the short term due to the principles of supply and demand.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100