5,608 ETH Worth $10M Was Just Burned
Portfolio Pulse from Benzinga Insights
On Wednesday, 5,608.48 Ether (ETH) worth $10,119,215 was burned from Ethereum transactions. This follows the Ethereum blockchain's upgrade known as EIP-1159, which changed the fee model and includes a variable base fee that is burned, lowering the supply of Ether. 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 -5.33%.
November 02, 2023 | 6:00 pm
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POSITIVE IMPACT
The burning of Ether following the EIP-1159 upgrade could potentially increase the value of ETH due to a decrease in supply. The Ethereum 2.0 upgrade is expected to further decrease the issuance rate, potentially making ETH a deflationary currency.
The burning of Ether reduces its supply, which could increase its value if demand remains constant or increases. The upcoming Ethereum 2.0 upgrade is expected to further decrease the issuance rate, which could also increase the value of ETH. Therefore, the news is highly relevant and potentially important for ETH investors.
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