5,154 ETH Worth $9M Was Just Burned
Portfolio Pulse from Benzinga Insights
On Tuesday, 5,154.33 Ether (ETH) worth $9.3M 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 -4.59%.
November 01, 2023 | 6:00 pm
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The burning of Ether from transactions, following the EIP-1159 upgrade, is reducing the supply of Ether. With the Ethereum 2.0 upgrade, the issuance rate is expected to decrease, potentially making ETH a deflationary currency.
The burning of Ether from transactions is reducing the supply of the cryptocurrency. This, combined with the expected decrease in issuance rate with the Ethereum 2.0 upgrade, could increase the value of Ether due to scarcity, potentially making it a deflationary currency.
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