2,081 ETH Worth $3M Was Just Burned
Portfolio Pulse from Benzinga Insights
A total of 2,081.64 Ether (ETH) worth $3,248,787 was burned from Ethereum transactions on Wednesday. This follows the implementation of the Ethereum improvement proposal EIP-1159 in August 2021, which changed the fee model and introduced 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 was 0.52% yesterday.
October 19, 2023 | 6:00 pm
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The burning of Ether reduces the supply, potentially increasing the value of the remaining Ether. The Ethereum 2.0 upgrade is expected to further decrease the issuance rate, which could make ETH a deflationary currency.
The burning of Ether removes it from circulation, reducing the overall supply. This could increase the value of the remaining Ether. The Ethereum 2.0 upgrade is expected to decrease the issuance rate, which could make ETH a deflationary currency, further increasing its value.
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IMPORTANCE 80
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