2,469 ETH Worth $4M Was Just Burned
Portfolio Pulse from Benzinga Insights
On Tuesday, 2,469.02 Ether (ETH) worth $4,048,724 was burned from Ethereum transactions. 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 yesterday was -0.19%.
October 04, 2023 | 6:00 pm
News sentiment analysis
Sort by:
Ascending
POSITIVE IMPACT
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 removes it from circulation, reducing the supply. The Ethereum 2.0 upgrade is expected to decrease the issuance rate of new Ether. Both these factors could potentially increase the value of ETH by creating a supply-demand imbalance.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 100