1,349 ETH Worth $2M Was Just Burned
Portfolio Pulse from Benzinga Insights
On Sunday, 1,349.79 Ether (ETH) worth $2,130,325 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, permanently removing it from circulation. This is expected to make ETH a deflationary currency once the Ethereum 2.0 upgrade is implemented, which will decrease the issuance rate of new Ether from 4% per year to around 0.5-1%.
October 09, 2023 | 6:00 pm
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The burning of Ether as a result of the EIP-1159 upgrade could potentially make ETH a deflationary currency, which could increase its value in the long term.
The burning of Ether removes it from circulation, reducing its supply. This, combined with the expected decrease in the issuance rate of new Ether due to the Ethereum 2.0 upgrade, could potentially make ETH a deflationary currency. Deflationary currencies can increase in value over time as the supply decreases, which could potentially increase the value of ETH.
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