3,429 ETH Worth $5M Was Just Burned
Portfolio Pulse from Benzinga Insights
On Monday, 3,429.16 Ether (ETH) worth $5,645,564 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 -1.94%.
September 19, 2023 | 6:00 pm
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The burning of Ether following the EIP-1159 upgrade could potentially lead to a decrease in supply and an increase in the value of Ether. The net annualized issuance rate for Ether was -1.94% yesterday.
The burning of Ether reduces the supply in circulation. With the Ethereum 2.0 upgrade, the issuance rate is expected to decrease, which could further reduce supply. If demand remains constant or increases, this could potentially drive up the price of Ether.
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