1,927 ETH Worth $3M Was Just Burned
Portfolio Pulse from Benzinga Insights
On Tuesday, 1,927.03 Ether (ETH) worth $3,023,046 was burned from Ethereum transactions. This is a result of the Ethereum blockchain's EIP-1159 upgrade implemented on August 5th, 2021, which changed the fee model and burns a base fee from each transaction. 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 0.78%.
October 18, 2023 | 6:00 pm
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The burning of Ether due to the EIP-1159 upgrade could potentially lead to a decrease in supply and an increase in the value of Ether. The Ethereum 2.0 upgrade is also expected to decrease the issuance rate of new Ether.
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 Ether. The Ethereum 2.0 upgrade is also expected to decrease the issuance rate of new Ether, further decreasing supply.
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