6,915 ETH Worth $14M Was Just Burned
Portfolio Pulse from Benzinga Insights
On Wednesday, 6,915.13 Ether (ETH) worth $14,014,280 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 -7.45%.
November 09, 2023 | 6:00 pm
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The burning of Ether from transactions following the EIP-1159 upgrade could potentially lead to ETH becoming a deflationary currency. This, along with the expected decrease in issuance rate with the Ethereum 2.0 upgrade, could impact the value of ETH.
The burning of Ether from transactions reduces the supply of Ether in circulation. This, combined with the expected decrease in the issuance rate with the Ethereum 2.0 upgrade, could potentially lead to a decrease in supply and an increase in demand for Ether, thereby increasing its value.
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