1,809 ETH Worth $3M Was Just Burned
Portfolio Pulse from Benzinga Insights
On Sunday, 1,809.40 Ether (ETH) worth $3,056,867 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. 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 0.98%.
October 23, 2023 | 6:00 pm
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The burning of Ether reduces its supply, potentially increasing its value. The Ethereum 2.0 upgrade is expected to further decrease the issuance rate, making ETH a deflationary currency.
The burning of Ether reduces its supply, which could increase its value if demand remains constant or increases. The Ethereum 2.0 upgrade is expected to decrease the issuance rate, which could further increase the value of ETH by making it a deflationary currency.
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