4,560 ETH Worth $8M Was Just Burned
Portfolio Pulse from Benzinga Insights
A total of 4,560.22 Ether (ETH) worth $8,117,551 was burned from Ethereum transactions on Monday. This follows the Ethereum blockchain's upgrade known as EIP-1159, which changes the fee model and burns a base fee from each transaction, 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 -3.62% yesterday.
October 24, 2023 | 6:00 pm
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The burning of Ether, coupled with the decrease in issuance rate due to the Ethereum 2.0 upgrade, could potentially make ETH a deflationary currency. This could increase the value of ETH in the short term.
The burning of Ether removes it from circulation, reducing the supply. The Ethereum 2.0 upgrade is expected to decrease the issuance rate of new Ether. Both these factors could lead to a decrease in supply, and if demand remains constant or increases, the price of ETH could increase.
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