3,139 ETH Worth $4M Was Just Burned
Portfolio Pulse from Benzinga Insights
A total of 3,139 Ether (ETH) worth $4,990,797 was burned from Ethereum transactions on Wednesday. This follows the implementation of the EIP-1159 upgrade on the Ethereum blockchain, which changes the fee model and burns a base fee from each transaction. The burn rate of Ether is speculated to exceed the token's issuance once the Ethereum 2.0 upgrade is implemented, potentially making ETH a deflationary currency.
September 21, 2023 | 6:00 pm
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The burning of Ether from transactions, as a result of the EIP-1159 upgrade, could potentially make ETH a deflationary currency. This could impact the value of ETH in the short term.
The EIP-1159 upgrade on the Ethereum blockchain changes the fee model and burns a base fee from each transaction. This reduces the supply of Ether, which could potentially increase its value. Furthermore, the upcoming Ethereum 2.0 upgrade is expected to decrease the issuance rate of new Ether, which combined with the burn rate, could make ETH a deflationary currency. This could increase demand and drive up the price of ETH in the short term.
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