1,695 ETH Worth $2M Was Just Burned
Portfolio Pulse from Benzinga Insights
On Wednesday, 1,695.49 Ether (ETH) worth $2,589,907 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, lowering the supply of Ether. 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.
October 12, 2023 | 6:00 pm
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POSITIVE IMPACT
The burning of Ether following the EIP-1159 upgrade could potentially increase the value of ETH due to a decrease in supply. The Ethereum 2.0 upgrade is also expected to decrease the issuance rate of new Ether, further impacting the supply-demand dynamics.
The burning of Ether reduces its supply, which could potentially increase its value if demand remains constant or increases. The upcoming Ethereum 2.0 upgrade is also expected to decrease the issuance rate of new Ether, which could further increase its value if demand remains constant or increases.
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