2,078 ETH Worth $3M Was Just Burned
Portfolio Pulse from Benzinga Insights
On Sunday, 2,078.35 Ether (ETH) worth $3,244,361 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 0.36%.
September 11, 2023 | 6:00 pm
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The burning of Ether reduces the supply, potentially increasing the value of the remaining Ether. The Ethereum 2.0 upgrade is expected to further decrease the issuance rate, making ETH a deflationary currency.
The burning of Ether reduces the overall supply, which can increase the value of the remaining Ether if demand remains constant or increases. The Ethereum 2.0 upgrade is expected to decrease the issuance rate, which could further increase the value of Ether by making it a deflationary currency.
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