1,892 ETH Worth $3M Was Just Burned
Portfolio Pulse from Benzinga Insights
A total of 1,892.48 Ether (ETH) worth $3,116,786 was burned from Ethereum transactions on Thursday. This is a result of the Ethereum blockchain's upgrade known as EIP-1159, which implemented 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 0.80%.
October 06, 2023 | 6:00 pm
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POSITIVE IMPACT
The burning of Ether due to the EIP-1159 upgrade could potentially lead to a decrease in supply, which may increase the value of ETH in the short term. The expected decrease in issuance rate with the Ethereum 2.0 upgrade could further impact this.
The burning of Ether removes it from circulation, decreasing the supply. If demand remains constant or increases, this could lead to an increase in the value of ETH. The expected decrease in issuance rate with the Ethereum 2.0 upgrade could further decrease supply, potentially leading to further increases in value.
CONFIDENCE 75
IMPORTANCE 80
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