5,251 ETH Worth $9M Was Just Burned
Portfolio Pulse from Benzinga Insights
A total of 5,251.58 Ether (ETH) worth $9,251,124 was burned from Ethereum transactions on Thursday. 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 was -4.77% yesterday.
October 27, 2023 | 6:00 pm
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The burning of Ether following the EIP-1159 upgrade could potentially lead to ETH becoming a deflationary currency. This, combined with the expected decrease in issuance rate with the Ethereum 2.0 upgrade, could impact the value of ETH.
The burning of Ether reduces its supply, which could increase its value if demand remains constant or increases. The expected decrease in issuance rate with the Ethereum 2.0 upgrade could further reduce supply, potentially leading to an increase in ETH's value.
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