3,460 ETH Worth $5M Was Just Burned
Portfolio Pulse from Benzinga Insights
A total of 3,460.08 Ether (ETH) worth $5,729,608 was burned from Ethereum transactions on Monday. This follows the Ethereum blockchain's upgrade known as EIP-1159, which changed the fee model and includes a variable base fee that is burned, permanently removing it from circulation. 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 was -1.87% yesterday.
October 03, 2023 | 6:00 pm
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The burning of Ether following the EIP-1159 upgrade could potentially lead to ETH becoming a deflationary currency. This, coupled with the expected decrease in issuance rate with the Ethereum 2.0 upgrade, could impact the value of ETH.
The burning of Ether reduces its supply, which could increase its value if demand remains constant or increases. The upcoming Ethereum 2.0 upgrade is expected to further decrease the issuance rate of Ether, which could also contribute to an increase in its value.
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